New European payments project hits major snag By Reuters

New European payments project hits major snag By Reuters
New European payments project hits major snag© Reuters. FILE PHOTO: The sun sets behind the skyline with the banking district in Frankfurt, Germany, October 18, 2021. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) -Some European banks are holding off on a decision to move forward with a new payments project that is intended be a home-grown rival to Mastercard (NYSE:) and Visa (NYSE:), the company overseeing the effort said on Thursday.

The delay marks a major snag in the so-called European Payments Initiative (EPI), which aims to become a new standard means of payment by offering a card for consumers and retailers across Europe.

A majority of the shareholders in Belgium, Germany and France want to move ahead with the project, EPI Interim Company said in a statement on its website.

“Other shareholders, such as some Spanish banks, will provide their answer in January,” it said.

Holdouts include…

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