European Payments Initiative Project Pivots After 20 banks Depart
The ambition to create a (*20*) various to Visa and Mastercard has fallen flat after 20 banks (from Spain, Germany, Finland, and Poland) withdrew from the challenge, forcing the remaining 13 (primarily French) banks to desert the preliminary plan to create a rival card funds community. The (*20*) Payments Initiative (EPI) will now be refocused on growing its second element, a digital pockets and on the spot fee system.
