--- title: Europe's $24 Trillion Breakup With Visa and Mastercard description: Europe is launching a unified payment system called Wero to challenge Visa and Mastercard's dominance. Backed by 16 major banks and connecting 130 million... canonical: https://daily.dev/posts/europe-s-24-trillion-breakup-with-visa-and-mastercard-kgdur7axx twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: Europe's $24 Trillion Breakup With Visa and Mastercard | daily.dev og:description: Europe is launching a unified payment system called Wero to challenge Visa and Mastercard's dominance. Backed by 16 major banks and connecting 130 million... og:url: https://daily.dev/posts/europe-s-24-trillion-breakup-with-visa-and-mastercard-kgdur7axx og:image: https://api.daily.dev/og/posts/KgDUr7AXX.png og:image:alt: Europe's $24 Trillion Breakup With Visa and Mastercard og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Europe's $24 Trillion Breakup With Visa and Mastercard **[Hacker News](https://daily.dev/sources/hn)** · 6 min read · 0 upvotes · 0 comments ## Summary Europe is launching a unified payment system called Wero to challenge Visa and Mastercard's dominance. Backed by 16 major banks and connecting 130 million users across 13 countries, the initiative aims to keep European payment data within EU jurisdiction. The European Payments Initiative signed a landmark agreement with the EuroPA Alliance to enable cross-border payments without American infrastructure. ECB President Christine Lagarde has called this payment sovereignty urgent, citing concerns that all European card transactions currently flow through US-controlled networks. The system already has 47 million users and has processed over €7.5 billion in transfers. ## Full article daily.dev links to this article rather than hosting it. 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