Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY and Vipps MobilePay today announced the creation of a new joint entity “European Network for Payments”, dedicated to operating and scaling interoperability between participating European payment solutions.
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The role of the newly established entity is to connect existing European payment solutions through a common technical and operational layer based on European standards, including instant account-to-account payments. The founding partners will be equal shareholders of the entity, which will oversee technical coordination and future expansion of both functionalities and participating solutions. The framework may also accommodate other established European payment solutions over time, subject to the partners’ agreement and the technical and operational requirements of the network.
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I hope they create cards, all those apps only work with the blessing of google and apple.
As an Italian there’s a thing I don’t understand: Bancomat is both a very well known card circuit (like CB in France) and a virtually unknown and unused payment app. From what I know, all the other parties are payment apps. Do they want to handle POS payments only as app payments or are we going to create an European card circuit? That would be nice!
They seem to create a European payment ecosystem for all use cases imo. As the article says,
… to progressively deliver seamless cross-border payments (peer-to-peer, in-store and online) across Europe …
My understanding is that they are also open for future members in the alliance.
Good, but I’m Italian and I’ve almost never heard of Bancomat Pay. We either use Satispay or foreign apps such as PayPal.
So I don’t see this initiative getting any traction in Italy soon. What a wasted chance.
The good thing is that almost everyone already has Bancomat Pay without realising it. You just have to activate it with the app.
Edit: they are saying in the press release that everyone is welcome on board and I suspect that Satispay is not too keen to join
Edit 2 (more context): Many stores accept Satispay, but I’d doubt that there are many who know about Bancomat Pay. I’ve seen mainly in self checkouts at supermarkets. Also, Satispay has a developer website, but I haven’t been able to find one for Bancomat Pay
Exactly. Bancomat Pay is simply not as used as Satispay. Plus, you can’t just sign-up for Bancomat Pay; your bank must support it.
Compare to MobilePay in Denmark or Vipps in Norway: everybody uses them.
Whatever it is, I really hope they don’t request you to lock a 50 euro deposit like satispay does. To my knowledge, this is the only payment platform that does it and getting rich by forcefully taking you customers’ money is a very arrogant thing to do and an awful business plan. How come Revolut and Wise offer better and bigger services without withholding such deposits?
No, Bancomat Pay doesn’t work like this. It’s more like an overlay over SEPA, from what I’ve seen. My bank sends me statements every time I use it (😂) as if it was a wire transfer.
Edit: GNU Taler works kinda like Satispay (well, like a wallet) but that would be fine for me
Not even bancomat works like that. Only fucking satispay forces you to give them money without having declared an intent to spend it shortly.
What about WERO?
EPI Company/Wero
Oh, didn‘t catch that. Nice!
