In recent weeks, the issue of European sovereignty has become a political priority. Defense, energy, artificial intelligence, strategic data: everywhere, states are seeking to regain control over their critical infrastructure. Payments are no exception. Recent geopolitical tensions, suggesting that the United States could cut off access to payment networks, have highlighted Europe's structural dependence on foreign systems. Behind every card transaction lies a latent risk that could paralyze the real economy overnight.
This threat has galvanized the European Union, which is activating several projects: the digital euro, backed by the ECB; Wero, based on instant transfers; and, in the public debate, a new hope is emerging—that of an "Airbus of payments," capable of competing with the American giants. But this centralized response, however ambitious it may be, raises an essential question: in a fragmented world, does sovereignty require a single champion, or a strong, diverse, and resilient ecosystem?
A single actor does not create sovereignty. It creates vulnerability.
This reasoning is not new. Back in 2020, faced with the dominance of American networks, Europe launched the European Payments Initiative (EPI) with the ambition of creating a large pan-European card payment scheme. Over time, the project has evolved into a wallet based on instant transfers: Wero. While it undoubtedly acts as a catalyst by replacing national systems such as Paylib and iDEAL, it does not solve everything. However commendable it may be, this initiative must not crush an already innovative and competitive ecosystem.
Relying once again on a single player, even a European one, amounts to recreating the fragility we claim to be fighting against. It shifts the risk, it does not eliminate it. In digital technology, as in payments, resilience does not come from an isolated fortress, but from a diverse ecosystem capable of absorbing shocks. Let's not seek monopoly, let's seek redundancy.
Europe does not need a single player, but rather a robust, agile, and diverse ecosystem. Thinking in terms of monopoly, even a European one, amounts to reproducing the very model we are seeking to move beyond. Sovereignty cannot be achieved through centralization; it is built through diversity, redundancy, and usage.
The sovereign rails already exist. What is needed is to use them.
Europe does not need to rebuild roads; they already exist. The SEPA system andInstant Payment constitute a robust public infrastructure that is completely independent of decisions made in Washington. The challenge is therefore not technological, but rather one of usage.
On these public rails, it is not heavy infrastructure that has innovated in recent years, but rather payment institutions (PIs). These agile players, regulated in France and elsewhere in Europe, have developed transfer payment solutions that already offer an alternative to card networks. At Fintecture, as at other AFEPAME members, we see thousands of merchants switching to these solutions every day, not only for reasons of sovereignty, but also for economic pragmatism: fewer intermediaries means lower costs and therefore less inflation on the receipt.
We don't need a new rail. We need an adoption shock.
The real challenge is no longer to build railways—they are already there—but to get people to use them. As MEP Aurore Lalucq points out, we need to move away from incantatory "poetry." Sovereignty will not be achieved through yet another technical feat, but through a massive change in habits, driven by clear political will.
However, they must be supplemented by incentives to encourage payers to change their habits and adopt these new payment methods. At Fintecture, we have observed a very high recurrence rate after the first payment: it is precisely this first step that remains the main sticking point. It is on this condition that innovative European solutions will truly be able to emerge and compete with the American giants.
In this context, the government must no longer be content with being a regulator; it must be a customer. By systematically integrating instant transfers into its own cash flows—public procurement, benefit payments, tax refunds—the public authorities can set an example and create the usage habits that are still lacking. Trust is less about decrees than it is about practice.
Finally, we must move away from the binary logic of "card or cash." Instant transfers represent a third way that is sovereign, efficient, and aligned with the economic interests of merchants. Every player that helps us break free from foreign rails is a building block of our independence. It is not a question of choosing a champion, but of supporting an entire ecosystem. It is this plurality that must be encouraged, not marginalized.
It's time to turn momentum into action
We need to act now, together. European payment sovereignty isn't some distant dream—it's within reach. The players are ready, the tech is there, and the regulatory frameworks are in place. What's missing isn't know-how or ambition. What is lacking is a clear political will capable of transforming the existing situation into a reflex and the alternative into the norm. We don't need to wait ten years to see a hypothetical new Airbus take flight. The fleet of European payment players is already on the tarmac, engines running. All that remains is one decision: to give them permission to take off.
Faysal Oudmine
CEO and co-founder of Fintecture
To learn more about these issues, check out our guide to European payment regulations, co-authored with the firm Onepoint.
