Multiple major league banks in Germany, France, and other European countries plan on fully digitalizing the payments industry from traditional cash payments by 2022. The European Union policy makers and central banks have recently decided to take on US payments companies, VISA and MasterCard and other tech giants such as Alipay and Google. The European Central Bank decided to launch this integrated, newly furbished, digitalized payment system by 2022 to compete with the likes of MasterCard and VISA.
The reason for digitalizing the payments industry in Europe is frankly quite simple. The pandemic crisis has led to the realization “the need for a unified European digital payment solution.” The use of cash has plummeted as shoppers move online or use “contactless” forms of payment.