Macron Pushes for European Payment Sovereignty

French President Emmanuel Macron has publicly advocated for the establishment of a sovereign payment system within Europe, according to reports from BFM TV.

Speaking via video message at the French Card Payment summit on Tuesday, Macron emphasized that payment infrastructure constitutes "an essential part of our sovereignty." He stressed the necessity for Europe to construct its own payment model.

Championing European Alternatives

The President specifically referenced European initiatives such as Wero, which is being developed under the umbrella of the European Payments Initiative (EPI).

Wero is designed to facilitate instant payments between individuals initially, with plans to expand its services to merchants. This system would enable transactions to move directly from European bank accounts.

Reducing Reliance on Foreign Tech Giants

The core objective of Wero is to offer a viable alternative to established services like PayPal and Apple Pay. Crucially, it aims to ensure that financial flows and sensitive data remain securely within European borders.

Macron warned against ceding control over transaction systems. He stated, "Giving up control over payments would mean accepting that the core of our transactions depends on actors who are not necessarily aligned with us, who do not necessarily have the same interests."

Context of Domestic Competition

The French Card Payment Group currently holds a dominant position in domestic transactions, boasting over 77 million cards in circulation. However, Macron acknowledged the significant competitive pressure exerted by US-based networks and mobile payment solutions.

This call for financial independence aligns with Macron's broader political stance favoring a more autonomous European path separate from the United States. This position has also been reflected in his diplomatic engagements, including calls for restraint in the US-Israeli war on Iran and his formal recognition of a Palestinian state.