A number of leading French and
German banks, including Société Générale, BNP Paribas and Deutsche
Bank, remain committed to establishing a European debit-card
payment scheme in a direct challenge to the current duopoly of
Visa’s V Pay and MasterCard’s Maestro.
Although such a plan has the support of the
European Central Bank, banks around Europe have been hesitant to
sign up to the scheme against a background of uncertainty in the
market surrounding interchange fees.
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The EU has talked up the prospect of a
European rival to MasterCard and Visa since the Commission ordered
the former to cut cross-border direct debit fees in 2007.
Supporters of the project, dubbed Monnet after French economist
Jean Monnet, are targeting banks in up to 31 countries.
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