Digital payments in Europe: interoperability vs. uniformity

Europe still hasn’t answered a key question for its financial independence: who controls digital payments? After decades of attempts—from the Monet project to the more recent European Payments Initiative (EPI)—the continent has yet to create a strong, pan-European solution. The EPI, once expected to fill that role, has lost momentum and now remains active only in France and Germany under the name Wero.

To address the broader challenge of building a unified system, the European Central Bank (ECB) is promoting the Digital Euro. Still in its preparatory phase, the project could move into development by late 2025, pending approval from the European Parliament. But the initiative faces serious challenges, including cost concerns, questions about its business model, data privacy, and how it would be managed. Meanwhile, instant payment systems have gained ground in daily transactions. In Spain, for example, Bizum has become a fast, widely used solution—part of a broader trend that’s emerging or expanding across other countries.

Bizum has changed how millions of people in Spain make everyday payments, offering fast, secure transfers without outside intermediaries. Similarly, MBWay in Portugal and Wero in Germany and France show that national systems can succeed in their local markets—both in user adoption and operational efficiency.

Compared to a centralized solution like the Digital Euro, these national platforms offer some real advantages. Their integration with domestic banking systems makes rollout easier, and their flexibility helps them respond to local regulatory, cultural, and tech-related differences.

The key to scaling these systems into a broader European alternative is interoperability. The Europe Project—backed by Bizum, MBWay, Bancomat, and others—aims to build a framework that links national platforms. This would let, for example, a Spanish user send instant payments across Europe with the same ease as within Spain.

Interoperability would support both financial autonomy and payment sovereignty, reducing Europe’s dependence on foreign tech providers. At the same time, it would protect the diversity of national solutions, allowing each system to evolve based on its country’s specific needs—driving innovation and competition.

In short, before fully committing to a one-size-fits-all model like the Digital Euro, Europe should focus on linking the payment systems that already work. It’s a faster, more flexible path that better reflects how people are actually paying today. With millions of users already on board, these local platforms are a solid, competitive alternative to foreign options—and a more grounded step toward European digital sovereignty.