Visa could be forced to pay a sum in the billions to buy the Visa Europe payments system, according to The Wall Street Journal. The news comes under a plan being discussed by the European banks that own the business.
“Bringing Visa Europe in-house could help the company directly tap fast-growing markets like Turkey and Poland and bolster its competitive edge against other players, including rival MasterCard, which runs a smaller payments network but owns its European operations.” The WSJ wrote.
Financial groups that own the European business are reportedly planning the set-up of their own payments business. It would compete against Visa and MasterCard in processing debit –and credit – card transactions.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more