EU Implements Instant Payment Regulations to Challenge Visa and Mastercard
Bollywoodfever, February 26: The European Union Council has approved regulations aimed at facilitating round-the-clock instant payments in euros, a move designed to bolster the competitiveness of European payment companies against industry giants like Visa and Mastercard from the U.S.
The new rules will enable customers to transfer funds in euros within just 10 seconds, regardless of the time of day or whether it’s a business hour, both domestically and across EU member states.
This stands in contrast to the current system, where transactions with existing cards and deposits can take several business days to process.
Additionally, the regulations will extend to countries outside the eurozone economic bloc.
By reducing reliance on third-country financial institutions and infrastructure, these rules are expected to enhance the strategic autonomy of the European economic and financial sector, according to a statement from the EU Council.
This move comes as part of broader efforts by the EU to reform the payments market, traditionally dominated by banks and U.S. firms like Visa and Mastercard, and to address the rising challenge posed by fintech companies offering alternative services leveraging customer bank account data.
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