The European Central Bank (ECB) announced deals with three European payments groups on 24 Apr in a fresh attempt to loosen the grip of foreign card networks and tech firms controlling how Europeans pay for goods and services.
ECB Moves To Cut Foreign Control of Payments with Digital Euro Deals
24 April 2026 - 22:41 CEST
By Ana Pereira
The agreements are tied to the planned digital euro, a state-backed electronic form of cash that officials say could give the region more control over its financial infrastructure. Rather than build an entirely new system, the ECB said it would work with existing European groups to help make future digital euro payments function across shops, apps and online checkouts.
"Free access, cost minimisation and coordination are particularly important as Europe currently lacks a universally available open standard supported across payment terminals and depends heavily on proprietary standards owned by international card schemes and global digital wallets," the ECB said.
Sovereignty push
The issue has become increasingly political in the region. Much of Europe's retail payments market is routed through international card schemes and large technology companies, leaving policymakers concerned that a core part of everyday commerce depends on businesses headquartered elsewhere.
By turning to homegrown industry bodies, the ECB is trying to strengthen local alternatives while keeping costs lower for banks and merchants that may eventually need to support the digital euro.
"This partnership shows our strong commitment to making sure the digital euro works with existing European standards that the private sector can also use," Piero Cipollone, the ECB official leading the project, said in the statement. He added that open standards would provide" a European free alternative to current proprietary standards" and make it easier for new providers to compete across the euro area.
Digital euro path
Officials have pitched the digital euro as a digital complement to banknotes and coins, rather than a replacement for cash. Consumers would be able to hold digital euros in wallets provided by banks or payment firms and use them for online purchases, in-store transactions or transfers between individuals.
The ECB is already running technical tests and selecting participants for the next stage of the project, with a formal pilot involving real-world transactions planned for the second half of 2027, with a potential roll out in 2029.
