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Bancomat, Bizum, EPI/Wero, SIBSโ€“MB WAY and Vipps MobilePay announce the creation of a European interoperability entity to connect their respective solution (epicompany.eu)
submitted 1 month ago by to c/buyeuropean@feddit.uk
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Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY and Vipps MobilePay today announced the creation of a new joint entity โ€œEuropean Network for Paymentsโ€, dedicated to operating and scaling interoperability between participating European payment solutions.

[...]

The role of the newly established entity is to connect existing European payment solutions through a common technical and operational layer based on European standards, including instant account-to-account payments. The founding partners will be equal shareholders of the entity, which will oversee technical coordination and future expansion of both functionalities and participating solutions. The framework may also accommodate other established European payment solutions over time, subject to the partnersโ€™ agreement and the technical and operational requirements of the network.

[...]

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[โ€“] 8 points 1 month ago

I hope they create cards, all those apps only work with the blessing of google and apple.

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    [โ€“] 2 points 1 month ago* (5 children)

    Good, but I'm Italian and I've almost never heard of Bancomat Pay. We either use Satispay or foreign apps such as PayPal.

    So I don't see this initiative getting any traction in Italy soon. What a wasted chance.

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  • [โ€“] 3 points 1 month ago (2 children)

    Whatever it is, I really hope they don't request you to lock a 50 euro deposit like satispay does. To my knowledge, this is the only payment platform that does it and getting rich by forcefully taking you customers' money is a very arrogant thing to do and an awful business plan. How come Revolut and Wise offer better and bigger services without withholding such deposits?

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  • [โ€“] 3 points 1 month ago* (last edited 1 month ago) (1 child)

    No, Bancomat Pay doesnโ€™t work like this. Itโ€™s more like an overlay over SEPA, from what Iโ€™ve seen. My bank sends me statements every time I use it (๐Ÿ˜‚) as if it was a wire transfer.

    Edit: GNU Taler works kinda like Satispay (well, like a wallet) but that would be fine for me

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  • [โ€“] 3 points 1 month ago* (last edited 1 month ago) (1 child)

    The good thing is that almost everyone already has Bancomat Pay without realising it. You just have to activate it with the app.

    Edit: they are saying in the press release that everyone is welcome on board and I suspect that Satispay is not too keen to join

    Edit 2 (more context): Many stores accept Satispay, but Iโ€™d doubt that there are many who know about Bancomat Pay. Iโ€™ve seen mainly in self checkouts at supermarkets. Also, Satispay has a developer website, but I havenโ€™t been able to find one for Bancomat Pay

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  • [โ€“] 2 points 1 month ago

    Exactly. Bancomat Pay is simply not as used as Satispay. Plus, you can't just sign-up for Bancomat Pay; your bank must support it.

    Compare to MobilePay in Denmark or Vipps in Norway: everybody uses them.

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    • [โ€“] 2 points 1 month ago (1 child)

    As an Italian thereโ€™s a thing I donโ€™t understand: Bancomat is both a very well known card circuit (like CB in France) and a virtually unknown and unused payment app. From what I know, all the other parties are payment apps. Do they want to handle POS payments only as app payments or are we going to create an European card circuit? That would be nice!

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  • [โ€“] [S] 2 points 1 month ago

    They seem to create a European payment ecosystem for all use cases imo. As the article says,

    ... to progressively deliver seamless cross-border payments (peer-to-peer, in-store and online) across Europe ...

    My understanding is that they are also open for future members in the alliance.

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