According to the President of the Association of German Volksbanken and Raiffeisenbanken, it is becoming more important to achieve greater independence in Europe.
(Photo: Uta Wagner for Handelsblatt)
Frankfurt After lengthy discussions, the Volks- und Raiffeisenbanken are ready to participate in setting up a uniform European payment system (EPI). “The signs for the participation of the cooperative banks are good,” said Marija Kolak, President of the Federal Association of German Volksbanken and Raiffeisenbanken (BVR), the Handelsblatt.
Certain issues still need to be clarified. However, she is “confident that everyone involved will agree on the establishment of EPI this year”. Numerous European banks had initiated EPI 2020. The aim is to create its own payment system in order to become more independent of powerful US corporations such as Mastercard, Visa and PayPal. “The focus is now on the development of a digital wallet that consumers can use to use various payment options,” explained Kolak. These included mobile-to-mobile payments, payments for online shopping and at the checkout.
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