Europe needs payment sovereignty

Anyone in Europe who sends money to friends, makes purchases with a credit card, or orders online predominantly uses US platforms. According to the ECB, more than 60 percent of all credit and debit card transactions in the eurozone are processed by US providers, and PayPal has now established itself as the standard for online payments to merchants or friends and family. The US dominance also stems from the fact that there is currently a lack of alternatives with comparable acceptance and a similarly well-established infrastructure in both areas.

In a liberal economic system based on the division of labor as well as shared values, such a dominant market position would not be a problem. However, we are currently experiencing a shift in the interests of various powers that requires a rethink. Against this backdrop, it is necessary to strengthen Europe’s sovereignty in key economic areas. Payment transactions are one of the most sensitive areas, both for private customers and for businesses. They are the heartbeat of our economy.

With the introduction of the European payment solution WERO, the European Payment Initiative (EPI) has set an important milestone in the development of a resilient and independent European financial ecosystem. WERO enables P2P, POS, and e-commerce payments between private individuals and merchants to be processed in real time. ING, which is a member of EPI, is one of the first banks in Germany to integrate WERO into its own app. It is starting with P2P payments.

However, a uniform European payment solution would also be desirable for large-volume payments between companies. Real-time payments are increasingly becoming the standard here. They offer a number of advantages for companies, as they enable more precise and faster liquidity management, reduce the need for liquidity reserves, and allow for more efficient use of capital. ING is the global market leader in cash pooling through the bank Mendes Gans. A European payment system reduces regulatory complexity, strengthens control over liquidity, and minimizes FX risks—key levers for more resilient treasury structures.

ING is no longer just providers of capability – the bank is a partner in its clients’ decision-making. In a world that’s becoming more volatile and interconnected, that advisory role, that depth of understanding and that ability to act fast – that’s what clients expect. This is precisely what ING builds on and sees itself as a key co-designer of the European payment infrastructure.