Europe builds its own payment network to take on Visa and Mastercard

Payment organizations have launched a joint venture, the European Network for Payments (ENP), to boost Europe's sovereignty in payments. Founders Bizum, Bancomat, Wero, SIBS-MB WAY and Vipps MobilePay cover 70% of Europe's and Norway's population and serve 130 million users across 13 countries. Based in Madrid, ENP will roll out common infrastructure in phases, starting with cross-border and in-person payments.

• ENP founders serve 130 million users across 13 countries
• Member networks cover 70% of Europe's and Norway's population
• The new organization will be headquartered in Madrid
• Rollout starts with cross-border and in-person payments