Mastercard weighs in on European payments sovereignty debate

Over the last year, Europe’s leaders have been increasingly vocal on their desire to reduce reliance on Visa and Mastercard, which between them process about two thirds of euro area card payments.

The ECB has been accelerating work on a digital euro, while big banks have been backing the European Payments Initiative to wrest control of the EU’s payments ecosystem away from the US card schemes via pay-by-bank alternatives.

Now, Mastercard Europe president Kelly Devine is addressing the issue head on, making the case for the company’s continued strong presence in the block.

In a blog post, Devine insists that Mastercard is a “European company, deeply embedded in Europe,” where it has hundreds of millions of branded cards and thousands of employees.

“This deep integration shapes our approach to the continent. We are not an external provider, but a local partner with a distinctly global reach and scale,” writes Devine.

Devine outlines five principles that guide Mastercard’s approach to strengthening Europe’s payment systems, beginning with stability, noting a €250 million investment in new data centres which will see more European payments authorised locally.

Another principle is standards, with Mastercard boasting of its upholding of local laws and its pledge to “challenge in court any unwarranted attempts to disrupt the security, confidentiality and integrity of Mastercard’s payments ecosystem”.

The firm also notes its heavy investment in security, innovation, and partnerships with the local ecosystem.

Writes Devine: "From established financial institutions to fast-growing fintechs, our model is built on collaboration — because Europe’s success is collective. Our payments future will not be shaped by a single organisation, technology or policy choice. It will be built through shared responsibility and sustained collaboration.

“Mastercard will continue to invest in European technologies and our European partnerships, which will strengthen competitiveness and create more economic opportunity for all Europeans.”