Bundesbank official calls for pan-European mobile payments champion
Board member hopes Europe can compete with US and China in fintech
Europe’s banking sector should create a recognisable “payments solution” to compete with the offerings from US and Chinese tech giants, a Deutsche Bundesbank board member said.
In an interview on April 4, Burkhard Balz said he feared a takeover of payment systems in Europe by US and Chinese companies. While many payment systems are European, such as Revolut and Wirecard, they are fractured between countries and sectors, Balz said. In comparison, companies such as PayPal and Alibaba are far
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