Payment Sovereignty Without Walls: The Case for Europe's Multi-Rail Ecosystem

Abstract

This analysis examines European payment sovereignty concerns arising from geopolitical tensions and the dominance of non-EU card schemes. It unbundles the payments value chain into its constituent layers, identifies where genuine dependencies exist, and distinguishes between card schemes, digital wallets, and account-to-account services. The work advocates for a competitive ecosystem where European initiatives like EPI/Wero and the digital euro coexist with international networks rather than pursuing protectionist approaches. It provides a practical framework for assessing sovereignty risks at each layer of the payment stack.

Peer Review

Community peer review and discussion of this publication.