More than thirty European banks and credit card processors, including ING, want to jointly compete with American payment giants.

According to the British business newspaper

Financial Times

, the initiative has until September to come up with a blueprint for a pan-European payment service.

Photo is missing due to technical problems.

A solution is being worked on.

The financial institutions had previously set up the European Payment Initiative (EPI).

"The idea is to create a European payment champion that can compete with PayPal, Mastercard, Visa, Google and Apple," Joachim Schmalzl, the president of the EPI, told the newspaper.

The payment method to be developed must be usable for both online and in-store purchases.

In addition, it must be possible to use the service to withdraw money from payment terminals and it must be possible to settle bills between consumers.

In addition to ING, Deutsche Bank, UniCredit, Santander and BNP Paribas, among others, are members of the initiative.

The participating banks currently account for more than half of all payments in Europe.

The project also has the support of the European Commission (EC) and eurozone financial regulators.

The European Central Bank (ECB) would also welcome the initiative.

The first real-life application, a system for real-time electronic payments between consumers, could be launched early next year.

A broader payment instrument could follow in the second half of 2022, the EPI chairman said.

Previous pan-European attempts to challenge the United States' supremacy in payments have failed miserably. The Monnet project, which had the backing of 24 European lenders in 2011, failed because it lacked the necessary political backing. It also failed to develop a viable business model.