In a ground breaking move for the European payments landscape, previously reported on by Payments Cards & Mobile, Italy’s BANCOMAT, Spain and Andorra’s Bizum, and Portugal’s MB WAY have successfully launched interoperability between their mobile payment platforms.
Leading mobile payment solution interoperability
The first-ever instant cross-border transactions between users of these services were demonstrated live at the Web Summit 2024 in Lisbon, highlighting a major leap toward pan-European payment integration.
EuroPA
Codenamed EuroPA, the European Payments Alliance connects over 45 million users across three major platforms and 182 financial institutions.
This interoperability initiative aims to simplify and accelerate peer-to-peer (P2P) payments using SEPA instant transfers.
By leveraging widely trusted and established national infrastructures, EuroPA offers users a seamless cross-border payment experience.
EuroPA represents the first step in creating a pan-European payment network that prioritises security, efficiency, and universality – but currently sits outside the EPI’s Wero initiative.
By 2025, the initiative is expected to expand further, solidifying its foundation in Italy, Portugal, and Spain, with ambitions to connect additional European markets in the near future.
Pan-European Payment Ecosystem
The initiative directly supports the Eurosystem’s objectives of fostering widespread adoption of instant payments across Europe.
In 2023 alone, users of BANCOMAT, Bizum, and MB WAY completed 1.5 billion transactions, underscoring the growing demand for interoperable and real-time digital payment solutions.
By integrating existing infrastructures and maintaining user trust in their respective brands, the three platforms aim to deliver solutions tailored to the preferences of European consumers.
The collaboration aligns with the broader goal of building a more connected and inclusive financial ecosystem, where payments transcend borders with ease.
The interoperability was unveiled during a live demonstration at Web Summit, one of the world’s largest technology events. Users effortlessly initiated instant payments between BANCOMAT, Bizum, and MB WAY platforms, showcasing the practicality and speed of cross-border interoperability.
The EuroPA project is poised to redefine digital payments in Europe, but is at odds with the European initiative and it remains to be seen how those two initiatives play out.
By pioneering interoperability, BANCOMAT, Bizum, and MB WAY set the standard for a pan-European cross-border payments network.
With discussions already underway to onboard additional partners, the alliance aims to provide even greater coverage and inclusivity.
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