Amid Donald Trump's return to power, Europe is increasingly wary of its reliance on U.S. digital payment networks, particularly Visa and Mastercard. ECB President Christine Lagarde has expressed alarm over the dependency on foreign-owned payment infrastructure, stressing the need to establish a European payment alternative. Transaction data shows that while countries like Ireland are heavily reliant on U.S. systems, nations like Germany and France have more robust domestic payment options. However, some experts argue that overall U.S. influence on European payment traffic remains minimal, signaling a complex landscape of dependency.
"Lagarde told independent Irish radio broadcaster, NewsTalk, recently that Europe would need to reduce vulnerabilities that arise from the current payment platform's infrastructure being foreign-owned."
"Different levels of dependency across the EU: Europeans are ardent users of cashless payments, with 56% of all cashless transactions in the first half of 2024 being made by card."
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