An initiative to offer an instant payments service in Europe from the end of 2023 said on Tuesday it has acquired two payment firms and obtained the backing of more banks after scaling back ambitions to take on U.S. payments giants Visa and Mastercard.
The European Payments Initiative said it planned to acquire Dutch payments scheme Currence iDEAL, and PQI, a Luxembourg-based payment solutions provider that services iDEAL.
"We are developing a new, scalable platform to address the modern and evolving payment needs of European consumers and merchants in the best possible way, with efficient, state-of-the-art technology," said Martina Weimert, chief executive of EPI company. EPI, which had appealed for public money because banks were not prepared to stump up all the cash needed, then refocused more narrowly on developing a digital wallet by creating a single brand for instant, account-to-account payments across European countries.
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