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European Payments Report Overview Part 2 – Card Payment Ecosystem in Europe 2026

2. Card Payment Ecosystem in Europe 

The European card payment market remains highly competitive and structurally decentralised, shaped by a mix of international schemes, domestic networks, processors, issuers, acquirers and regulatory frameworks. The implementation of the revised Payment Services Directive (PSD2) helped lay the foundations for a more digital and innovative payments environment across Europe.

At the same time, PSD2, new technologies and the growth of Open Banking-based payment options have increased competitive pressure on the traditional card ecosystem. Rather than weakening the role of cards, however, these developments have accelerated the broader transformation of digital payments, including the continued expansion of contactless, mobile and embedded payment experiences.

During 2024 and 2025, the European card payments market continued to be driven by rising card usage, the sustained growth of contactless transactions, ongoing digital transformation, and growing expectations from digitally connected consumers and increasingly sophisticated merchants.

The legal and regulatory framework for card payment services, along with evolving consumer and merchant requirements, is explored in more detail in the section About Payments in Europe of the Yearbook.

The purpose of the section Card Payment Ecosystem is to provide a European-level overview of card payments and of the wider card ecosystem, which increasingly competes with account-to-account and other cardless digital payment methods. Taking into account regulatory developments, changing market demands, and the evolution of digital payment models, this section examines the structure, transformation and strategic direction of card payment infrastructure and services across Europe.

It includes analysis of:

This section also places the transformation of domestic processors, former interbank organisations and domestic card schemes into the wider European context as at end-2024, while also providing an updated overview of the international card schemes active in Europe.

In addition, it highlights key card market trends and the digital technologies shaping the future of the card business. It also outlines the evolution of former interbank payment organisations and summarises merger and acquisition activity among European card processors.

For more detailed analysis at issuer and acquirer level, readers should refer to the other relevant sections of the European overview in the Digital & Card Payments Yearbook 2025–26, including Card Payments Overview and Card Acquiring and Acceptance.

For more detail on the legal and regulatory framework for card payments, readers should refer to About Payments in Europe.

For country-specific analysis, readers should consult the individual country profiles in the Digital & Card Payments Yearbook 2025–26, which have been updated in light of the evolving European payments landscape.

2.1 About the Card Payment Ecosystem in Europe 

The card payment ecosystem in Europe consists of four-party card schemes, three-party card schemes and a broad range of supporting payment service providers, including card issuers, card acquirers, card processors and payment technology suppliers.

Most domestic card schemes in Europe, together with the international card schemes Mastercard and Visa, operate as four-party models involving cardholders, card issuers, merchants and card acquirers. In these models, the scheme itself does not act as either issuer or acquirer, but instead provides the rules, network infrastructure and operating framework within which issuing and acquiring participants interact.

By contrast, American Express, Discover and JCB traditionally operate as three-party schemes in Europe, serving both cardholders and merchants directly. In these models, the scheme typically performs both the issuing and acquiring roles, while in practice also working with supporting payment service providers, including card acquirers and distribution partners.

A defining historical feature of the European card market has been the central role played by domestic interbank payment organisations and service providers, with one or more such entities traditionally present in almost every national market. Another important characteristic has been the strength of domestic card schemes across the countries of the European Economic Area (EEA).

However, the long-established domestic card business model in Europe has changed significantly over the past two decades. The introduction of SEPA requirements, the development of the EEA as a more integrated payments region, the expansion of the euro area, and the European Commission’s push for greater competition and harmonisation have all reshaped the market. At the same time, the European payments industry has come under increasing pressure from international card schemes, new digital payment models and the wider digitalisation of financial services.

More broadly, European directives and regulations have sought to establish a single legal framework for digital payment services across the EEA, reflecting the needs of an increasingly integrated and digital economy. As a result, the European card payments industry continues to be affected by several structural shifts:

Historically, SEPA implementation affected domestic card processors first, followed by interbank processors and then domestic card schemes. All have since gone through significant transformation processes.

The next major waves of change for the European payments industry included the SEPA End-Date Regulation for domestic account-based payment schemes in 2012, the revised Payment Services Directive (PSD2), which became effective in January 2018, and the Interchange Fee Regulation (IFR), which capped interchange fee rates for consumer debit and credit cards at 0.2 per cent and 0.3 per cent respectively from 9 December 2015.

In parallel, a range of digital technologies and new payment models have continued to reshape the card market. These include mobile HCE NFC solutions, tokenisation, stronger authentication and security frameworks such as 3-D Secure 2.0+, the broader digitalisation of card payments, cardless payment services enabled by payment initiation service providers (PISPs), and mobile banking applications that support direct account-based payments. Examples include Sofort, Trustly and MyBank in account-to-account payments, as well as mobile payment propositions such as BLIK, Jiffy and Payconiq. Together, these developments have had a significant impact on both card payments and the wider European payments industry.

New Digital Challenge for the Card Payment Ecosystem in Europe

The international card schemes have transformed into public companies and digital payment platforms offering multiple digital payment services at omnichannel checkout for the digital economy.

As the international card schemes push for digital card payments, the domestic card schemes in Europe have developed their own digital strategy to transform domestic cards into omnichannel digital payment services.

In competition with the card payment ecosystem and in line with the digital market strategy of the European regulators and PSD2, there is an emerging cardless European Open Banking payment ecosystem based on the SEPA payment instruments SCT, SDD and SCTINST.

Innovative European banks launched new mobile payment service apps on a domestic level enabling cardless payments directly from a domestic bank account and mobile P2P payments such as BLIK, JIFFY and Payconiq.

Encouraged by the ECB, leading European payment service providers announced the launch and support for a European-wide card-less digital payment scheme based on instant payments.

2.2 Card Payment Services in Europe 

This chapter provides an overview regarding card payment services offered in Europe that can be used at ATM terminals, POS terminals and POS checkouts in retail outlets and in online shops on the Internet.

The focus of this chapter is to highlight selected basic card payment service characteristics.

Cards and digital Card Form Factors 

Cards and digital card form factors in Europe are required to comply with the rules and requirements of domestic and international card schemes, as well as with relevant industry standards and security frameworks. These include standards such as EMV and PCI, the use of tokenisation, and enhanced authentication and security measures such as 3-D Secure 2.0+ and the tokenisation of card credentials.

In addition, card payment services must comply with applicable regulatory technical standards, including the requirements for strong customer authentication (RTS SCA) under the European regulatory framework.

Card products in circulation include consumer cards, commercial cards and purchasing cards. These range from standard products to premium offerings such as Gold and Platinum cards. Issuers also use a variety of additional features to attract and retain cardholders, including loyalty and bonus programmes, PIN selection at ATMs, cashback features, card controls with real-time usage notifications, and geographic blocking functions. In some markets, personalised picture cards and limited-edition collector cards are also issued on demand.

European-issued debit cards in circulation are branded Maestro, V PAY, Debit Mastercard and Visa Debit, although legacy brands such as Maestro and V PAY continue to be phased out in some markets. Credit cards and credit or delayed-debit cards are typically branded Mastercard, Visa, American Express or Diners Club, the latter often in combination with Discover acceptance. Mastercard and Visa products with ATM-focused or cash access functionality have historically carried the Cirrus and Plus brands respectively. In addition, foreign cardholders may use cards branded Discover, JCB or UnionPay at accepting ATMs and merchant locations across Europe where acceptance exists.

Cards issued under domestic card schemes carry the relevant domestic brand and are often co-badged with an international card brand to enable use outside the home market. Payments made with domestic-branded cards remain relevant to merchants, acquirers and issuing banks in the respective country, and in some cases also in neighbouring markets.

Digital card form factors include virtual cards for e-commerce use, mobile HCE NFC card payments initiated through payment apps, scheme-based digital wallets, and mobile wallet payments made through services such as Apple Pay, Google Pay and Samsung Wallet. Cardholders may connect their payment cards directly to these digital payment services, or link them to the virtual accounts of digital payment providers such as PayPal or Amazon Pay.

In most cases, payments made through a digital wallet remain card payments in underlying economic and scheme terms, with the selected card brand used in the background to complete the transaction. For merchants, the underlying card scheme often remains visible within the transaction and acceptance framework, even where the consumer experience is shaped by the wallet provider.

In addition to cards and mobile wallets, European cardholders may also use other contactless card form factors, including NFC stickers, mini-cards and wearable devices such as bracelets, key fobs and smartwatches.

Card Payment Checkout Types 

Historically, payment cards were primarily used for point-of-sale (POS) purchases as a substitute for cash and cheques, for cash withdrawals at ATMs, and for mail order and telephone order (MOTO) transactions in distance selling.

With the emergence of online commerce, card schemes extended card usage to support e-commerce payments. However, not all domestic card schemes were able to adapt at the same pace. Some, including Germany’s girocard in its earlier form, were not originally designed for online payments and digital commerce, and therefore faced structural limitations as consumer behaviour shifted.

Today, supported by digital card technologies, European cardholders can use cards across a much broader range of checkout environments. These include contactless payments at physical POS terminals, e-commerce payments in online shops, in-app payments, and mobile NFC-based transactions initiated through digital wallets or payment apps.

By 2025, the main card payment checkout types supported across the European payments industry include:

Card Payments and Strong Customer Authentication

In line with the requirements of the revised Payment Services Directive (PSD2), the European Union introduced Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and Common and Secure Communication (CSC). These requirements have had a significant impact on the authentication of electronic payments, including card transactions.

Card payment authentication must comply with the RTS SCA framework where applicable. At physical POS terminals, card payments typically require cardholder verification, most commonly through PIN authentication, although contactless low-value transactions may qualify for exemptions. For e-commerce transactions, card schemes and issuers have increasingly adopted 3-D Secure as the standard approach to support compliant remote authentication.

At the same time, the regulatory framework allows certain exemptions and risk-based approaches to reduce friction in lower-risk use cases. These include:

Where exemptions do not apply, online card payments generally require step-up authentication, typically through a 3-D Secure-based process using biometric verification, a one-time code or another compliant authentication method.

Basic Card Payment Characteristics

Card payment services are in place for all cards branded with an international or domestic card brand.

Card payments with debit cards, credit cards, delayed debit cards and prepaid cards can be made using several form-factors such as plastic cards, mini-cards, NFC stickers, NFC bracelets, Apple watches and mobile HCE NFC payments with payment apps and card credentials stored in the cloud.

Cardholders can use their cards for withdrawing cash from ATM terminals, or they withdraw cash as part of their purchase at POS terminals in retail outlets of participating merchants, dubbed cash-advances, up to the country specific cash-advance limit, e.g. €200 in Germany.

Cardholders can pay with their cards and PIN authentication at POS terminals in merchant outlets, in online shops and at other digital payment checkout types. In Europe, card payments with signature authentication have been mostly phased out. They were replaced by card payments with Strong Customer Authentication.

The respective card acquirer credits the merchant, and the purchase value is debited from the card account of the user at the card issuing bank or e-money institution.

From a cardholder perspective, typical use cases for card payments include:

POS Devices and Card Payment Authentication – Cards with payment function and PIN authentication are the new normal in Europe. Contactless payments for purchases below a predefined contactless limit are without PIN and without transaction receipt. Payments of amounts above the contactless limit require PIN authentication. Since 2019, Apple Pay requires the biometric fingerprint-ID as a second authentication factor.

Online Card Payment Authentication – Consumers can use a PC, notebook, tablet or smartphone to make card payments for purchases on the internet. Online card payments are generally classified as card-not-present (CNP) transactions, because the physical card is not presented at the point of sale.

Card form factors used for online purchases include virtual cards designed for e-commerce use, Click to Pay, cards stored in merchant environments, and cards digitised in wallets such as Apple Pay, Google Pay and Samsung Wallet. Consumers may also use cards through digital payment providers and wallet-based checkout services.

The minimum data elements typically required to initiate an online card payment are the card number, cardholder name, card expiry date and card security code, such as CVC2, CVV2 or CID, depending on the card brand.

In addition, card schemes and issuing banks increasingly support and promote scheme-based authentication solutions such as Mastercard Identity Check, Visa Secure and American Express SafeKey as part of the broader 3-D Secure framework.

Where strong customer authentication is required, online card payment authentication is typically completed through a 3-D Secure process using a one-time code, biometric verification, or another compliant authentication method. However, depending on the transaction type, merchant set-up and applicable exemptions under the regulatory framework, not every online card transaction requires an active 3-D Secure challenge.

Trend of Biometric Authentication – As one form of digital identity authentication, biometric factors have been gaining ground across Europe in recent years, especially since the EU mandated their use for national ID cards and passports from August 2021.

Among others, payments-specific biometric initiatives and pilots in Europe include:

Card Payments with Digital Card Wallets 

Card payments made through a digital card wallet are, in essence, card payments carried out through a tokenised digital interface rather than by presenting the physical card itself. In most cases, the underlying card credentials are stored securely in tokenised form and the relevant card payment use case continues to apply.

In response to competition from digital payment providers such as PayPal, the international card schemes and major technology companies developed digital wallet solutions that allow card credentials to be stored and used securely in the cloud or on a consumer device. Today, the best-known examples include Apple Pay, Google Pay and Samsung Wallet, alongside scheme-supported and merchant-integrated digital checkout solutions.

Digital wallets provide cardholders with a convenient way to pay using one or more linked payment cards. Some wallets support a single card, while others support multiple cards and payment methods. A key advantage is that cardholders no longer need to repeatedly enter card details at checkout, which improves both convenience and the user experience.

In addition to storing payment credentials, digital wallets may also store shopping preferences, delivery addresses and other checkout information. Some wallets and associated payment apps can also support additional services such as instalment options, loyalty integration and person-to-person money transfers.

Digital card wallets can support a range of payment scenarios, including e-commerce payments in online shops, in-app payments, QR code-initiated payments in-store, and contactless NFC payments at physical points of sale.

Authentication for digital wallet payments depends on the wallet, device and use case. It may involve a wallet login, device passcode, wallet-specific PIN or biometric authentication such as fingerprint or facial recognition. Where required under the regulatory framework, authentication may also be supported by 3-D Secure or other strong customer authentication methods.

Tokenisation Security – Tokenisation is a core security feature underpinning digital card wallets and many modern card payment experiences. It works by replacing sensitive card data, such as the primary account number and expiry date, with a unique digital token that can be used for payment without exposing the underlying card credentials.

Visa and Mastercard have both developed tokenisation services to support secure digital payments across wallets, merchant checkouts and connected devices. These tokenisation frameworks enable card credentials to be provisioned securely for use in mobile wallets, e-commerce environments and other digital payment applications, while reducing the risk associated with storing or transmitting actual card details.

Tokenisation improves both security and convenience in mobile and online payments by allowing transactions to be processed without exposing the consumer’s original account information. It is now a foundational technology for widely used digital payment services such as Apple Pay and Google Pay, and supports the secure use of payment credentials across a growing range of connected devices.

More broadly, tokenisation also plays an important role in the development of embedded and Internet of Things (IoT) commerce, enabling secure payment functionality in devices such as smartphones, tablets, wearable devices, vehicles and other connected consumer products.

Card Payments with Advanced Payment Wallets 

In contrast to digital card wallets and online card payments on the internet, advanced payment service providers (PayPal, Amazon Pay, Alipay, WeChat Pay) have launched closed-loop payment wallets with card credentials and/or bank account details linked to the wallet.

Advanced payments are de-facto payments from a virtual account. They are often initiated by user-ID/email address and password plus a one-time token or wallet-PIN as second authentication factor.

Once registered for the service, users can make advanced payments on the internet and/or initiate QR-code based mobile payments in-store. The purchase value is debited from the virtual account of the user.

Advanced payment service providers pay the merchants directly, and they settle with consumers via one of the several payments means linked to the individual user’s wallet account:

Mail Order / Telephone Order

Mail Order / Telephone Order (MOTO) payment services are card-not-present payments with credit cards. Merchants without POS terminal or an online shop initiate the card payment using the credit card credentials provided by the cardholder either in a call, by email or in written format.

The respective MOTO payment app of the merchant connects with the respective card acquirer, which authorises the card payment request and completes the card payment.

Mostly, there is no Strong Customer Authentication with MOTO payments. However, online card payments have replaced most MOTO payment use cases in recent years.

Cash Withdrawals at ATM Terminals

Cardholder can use debit cards, credit cards or prepaid cards for withdrawing cash amounts from ATM terminals. The cash withdrawal value is debited directly from the respective card account.

Cardholders insert their card into the ATM card reader, select the cash amount, and authenticate the cash withdrawal with PIN. At contactless ATMs, cardholders can tap their contactless card against an ATM reader.

Innovative banks pilot services that enable their clients to withdraw cash from ATMs using a mobile banking app instead of a card. Other ATM operators have piloted biometric ATMs accepting digital IDs such as fingerprint veins and facial recognition IDs as new means of Strong Customer Authentication.

In the case that the ATM device is capable of mobile cash withdrawals, users can make cardless withdrawal requests with their mobile banking app, specifying the amount and the ATM location ID. To complete the transaction, the users receive a one-time TAN-code in-app for authentication at the ATM device. The cash withdrawal value is debited directly from the respective online banking account.

The cardless cash withdrawal request can also be initiated vice-versa at capable ATM displays by entering the mobile phone number and the cash amount. The one-time TAN-code will be sent to the mobile banking app and shall be used for final authentication of the transaction at the ATM display.

Cash-Advances at POS Terminals

In parallel to ATM cash withdrawals on cards, European banks, the international card schemes and domestic card schemes support cash-advance services on cards at POS terminals in retail outlets.

The reason for emerging cash-advance services is quite clear in the light of bank branch closures and high cost of operating ATM devices and cash-logistics.

Cash advance use cases in Europe include:

The same technology is used in reverse in Europe for cash-in amounts on a card account or directly to the bank account.

E-money Purchases with Prepaid Products 

Alongside scheme-branded prepaid cards, a wide range of closed-loop prepaid products and e-money services are offered across Europe. Many of these products are issued by non-bank providers authorised as electronic money institutions (EMIs) under the European regulatory framework for electronic money.

In line with anti-money laundering requirements, anonymous or only lightly identified prepaid products are subject to specific restrictions in Europe, including limits on stored value and usage conditions. These rules have tightened over time as regulators have sought to reduce the potential misuse of prepaid instruments.

Many prepaid products are distributed through physical retail channels such as petrol stations, tobacco shops, convenience stores and other retail outlets. In addition, prepaid e-vouchers and digital codes can be purchased online through cashless channels. The stored value associated with these products can then be used to make e-money purchases at participating online merchants, with voucher codes or digital credentials typically used for authorisation and authentication.

Account-unlinked prepaid products, as well as cards or digital credentials linked to a virtual prepaid account, operate independently of a traditional bank account. They remain relevant in a number of market segments, including gaming, betting, youth-oriented products, prepaid mobile services and use cases involving consumers who are underserved by traditional banking services.

Access to prepaid e-money products is increasingly digital, with consumers typically managing and using them through PCs, tablets or smartphones.

2.3 Card Payment Service Providers 

The European card payment ecosystem consists of four-party card schemes, three-party card schemes and a broad range of supporting payment service providers, including card issuers, card acquirers, card processors and payment technology suppliers.

Over the past two decades, the main participants in the card payments industry have built deep expertise in both traditional card services and the digital technologies reshaping payments. As a result, most leading players now view card payments not as a standalone business, but as part of a wider digital commerce and financial technology landscape.

Since the mid-2010s, cross-border competition, digital payment strategies and the need for greater scale have driven an extended period of consolidation across the European and global payments industry. Card payment service providers have continued to invest in digital transformation in order to expand acceptance capabilities, improve processing efficiency, strengthen data and security capabilities, and support omnichannel commerce.

A more recent strategic challenge has come from the growth of Open Banking and account-based digital payment services. In line with PSD2 and the broader European digital market agenda, a cardless Open Banking ecosystem has emerged alongside the traditional card market, introducing new forms of competition as well as new partnership models for established payment service providers.

Card payment service providers in the European ecosystem can be grouped according to their core business models:

A defining historical feature of the European card market has been the central role of domestic interbank payment organisations and service providers, of which there were traditionally one or more in nearly every national market. Another important characteristic was the strong position of domestic card schemes and their supporting domestic banks across the countries of the European Economic Area (EEA).

However, the combined impact of SEPA, e-commerce, digital acceptance and regulatory harmonisation transformed what had once been a largely domestic and relatively monolithic card payments landscape into a more pan-European market with increasingly specialised and decentralised business models. This included the growth of independent acquirers, technical processors, e-commerce payment providers and advanced digital payment service providers such as PayPal and Amazon Pay.

At the same time, the search for scale, the cost of technology investment and the demands of digital transformation have driven a new wave of concentration. In this sense, the European payments market has moved from domestic fragmentation, to greater functional decentralisation, and then towards renewed consolidation at regional and global level.

Since 2015, this consolidation trend has reflected the ambition of major industry players to evolve into broader payment technology platforms capable of combining omnichannel payment processing, merchant acceptance, software, value-added services, data capabilities and advanced digital payment technologies on a larger international scale.

Following the major transactions completed over recent years, the principal European-headquartered payment technology groups include Worldline and Nexi Group. Worldline’s current structure reflects earlier acquisitions including equens, SIX Payment Services and Ingenico, while Nexi Group was built through the combination of Nexi, Nets and SIA.

They compete with a number of large global payment technology groups, including Fiserv, FIS and Global Payments. Fiserv continues to position itself as a global fintech and payments company following its earlier merger with First Data, while FIS has refocused around banking and payments after monetising its Worldpay stake and acquiring Global Payments’ Issuer Solutions business in January 2026. Global Payments, meanwhile, completed its acquisition of Worldpay in January 2026, significantly increasing its global scale in merchant solutions and commerce enablement.

In summary, the European card payment service provider landscape now combines long-established domestic market structures with a far more international, technology-led and consolidated competitive environment. Scale, software capability, digital acceptance, data services and regulatory adaptability have become as important as traditional processing reach.

Card Scheme Associations

The international card schemes active in Europe include Visa, Mastercard, American Express, Discover/Diners Club, JCB and UnionPay. These schemes play a central role in the European card payments market by providing the network rules, brand frameworks, acceptance infrastructure and interoperability needed to support domestic and cross-border card transactions.

Over time, the major international card schemes have evolved well beyond their traditional network roles and increasingly operate as broad digital payment platforms. They support card-based payments across omnichannel checkout environments, including physical point of sale, e-commerce, in-app payments, tokenised wallet payments and other digital acceptance models. This strategic evolution has been driven by the wider digitalisation of commerce, the growth of mobile and embedded payments, and the need to support secure, scalable acceptance in multiple channels.

In addition, the card schemes act as global gateways for off-us card transactions, routing and switching payments between the accepting acquirer and the issuing bank when the two parties are not part of the same proprietary processing environment. In this way, they provide the international reach and interoperability that underpin cross-border card acceptance.

In Europe, the international card schemes continue to compete with a smaller number of domestic card schemes, many of which have also developed digital strategies of their own. According to the ECB, there were nine national card schemes active in the EU in 2025, each operating in only one Member State, reflecting the continued but narrowing role of domestic schemes in the European market.

Countries in Europe with notable domestic card scheme activity include Belgium (Bancontact), Bulgaria (Borica/Bcard), Denmark (Dankort), France (Cartes Bancaires), Germany (girocard), Italy (PagoBANCOMAT), Norway (BankAxept), Portugal (Multibanco), Serbia (DinaCard), Turkey (TROY) and Russia (MIR). In some cases, these domestic schemes remain important in everyday payments and are often co-badged or complemented by international scheme acceptance for cross-border use. The European market has also seen adjacent growth in domestic account-based and mobile payment brands, but these should be distinguished from card schemes in the strict sense.

For more detail on international card schemes and competing domestic card schemes in Europe, please refer to Chapters 2.4 and 2.5 respectively.

Card Issuers 

All banks in western Europe and the CEE region offer online banking services and mobile banking apps to their clients for more than ten years. In addition to their role as account serving payment service providers (ASPSPs) they are active card issuers.

The European banks issue contactless credit cards, charge cards, debit cards and prepaid cards in combination with bank account packages. Addressing the specific needs of personal banking and business banking, the card portfolio is composed of consumer cards, business cards and corporate cards.

Dedicated card products are offered for the individual client segments: families, millennials, students, affluent clients, small business clients, corporate clients and even basic account clients. The credit cards offered range from classic cards to gold cards and platinum cards.

Additional card features (PIN selection at ATMs, in-app access to card accounts, individual setting of card limits, earning bonus points, cashback 1%-3%, card control by in-app notification and geo blocking) are used to attract cardholders. Also, individual picture cards and collector cards are issued on demand.

In parallel to card issuing banks, many e-money institutions issue prepaid cards branded with one of the international card brands.

Business Expansion: Many European banks are active as card issuers and card acquirers either using in-house processing systems or outsourcing them to card processors. All leading European bank groups also operate their own group card processor entities.

For more details regarding leading card issuers in Europe and their digital challenges please refer to the section ‘Overview of European Banking’ and the country profiles of the Yearbook.

Card Acquirers

In Europe, most card acquirers offer multi-channel card acceptance services and value-added merchant services at POS terminals, mobile MPOS terminals and online shops. The leading card acquirers usually act on a European level and offer their services cross-border.

Most card acquirers either operate their own acquirer systems and ATM/POS/MPOS network service hubs, or they use the processing services of external payment processors. To serve online merchants in Europe, they operate their own online payment processing platforms, or they cooperate with multiple specialised online payment service processors (PSPs).

In addition, innovative acquirers also offer acceptance of cardless payment services based on partner agreements with trusted payment providers, which offer account-to-account payments, advanced payments or prepaid products.

Business Expansion – From 2009, European card acquirers compete in their home markets, cross-border on a European level, and cross-channel at POS terminals as well as servicing online merchants. From 2016, innovative acquirers started to offer omnichannel and multiple payment acceptance.

In addition, they added payment processing services with the objective of offering all-in-one retail payment infrastructure services to European merchants.

By end-2020, omnichannel payment acceptance includes the capability to process all types of digital payment checkouts (i.e. contactless POS/MPOS terminals, mobile in-store, online shops, in-app), and to accept multiple payment means in all of these channels. The digital payment services demanded by online merchants include cards, IBAN-based payments (SCT, SDD), advanced payment wallets, prepaid products and immediate payments.

For more details regarding leading card acquirers in Europe and their challenges, please refer to the section ‘Card Acquiring and Acceptance’ and the country profiles of the Yearbook.

Internet Giants: Apple Pay, Google Pay, Samsung Pay 

Based on their large consumer communities, from 2014, Apple, Google and Samsung launched their own digital payment services Apple Pay, Google Pay and Samsung Pay, respectively.

The three tech giants and their payment services are supported by the international card schemes, and they make use of the international card schemes’ mobile HCE NFC technology combined with tokenisation security.

The companies embrace the card issuer banks worldwide in partnering with their digital payment services, claiming that their digital card form-factors are convenient for digital consumers. Apple argues that card payments with Apple Pay are significantly less fraudulent compared with traditional online payments with cards.

Innovative card issuers and e-money institutions enable their cardholders to make mobile HCE NFC payments in-store and in online shops with Apple Pay, Google Pay or Samsung Pay. In rare cases where the wallet is not available to domestic cardholders, foreign cardholders can make payments at any contactless POS terminal in Europe.

In contrast to advanced payments such as PayPal, card payments with a wallet app shows the card brand used, making it transparent for merchants.

Apple Pay – In 2014, Apple launched Apple Pay in the USA. Stored prepaid amounts (‘cash’), credit cards, debit cards or prepaid cards can be stored in the Apple Pay app along with boarding passes, tickets, rewards cards and more. Apple Pay works with credit and debit cards branded Mastercard, VISA, or American Express.

Apple Pay supports transparent card payments initiated on Apple Watch, iPhone, iPad or Mac. Since 2019, Apple Pay requires the fingerprint-ID as a second authentication factor.

Apple Pay has become one of the world’s most used digital payment methods. Its user base increased from 521.4 million to 535.8 million in 2022 and now sits at 785 million users worldwide at end 2024.

This payment method is also available in over 85% of US merchants and 60% of stores globally.

As of August 2024, the estimated total Apple Pay in-store sales now sit at $268 billion, up from $213 billion last year.

As of 2023, Apple Pay processed 14.2% of all online consumer payments and 5.6% of all in-store purchases globally, global transaction volume (2025 estimate) is $7.6 trillion.

In the US its Apple Pay users are measured as ~63.9 million (2025 forecast), with in-store U.S. retail sales via Apple Pay sitting at ~$268 billion (as of August 2024).

Putting it all together, Apple Pay is increasingly becoming an effective customer acquisition and retention feature for Apple. In June 2022, Apple Pay added Apple Pay Later, its buy-now-pay-later service, allowing users to split purchases into four equal instalments with no interest or fees. Initially launched in the US, the service is expected to roll out to other countries during 2023. In 2023, Apple launched its Card savings account from Goldman Sachs with a 4.15% annual percentage yield. Apple Wallet users can set up and manage a savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance requirements.

For merchants, digital card payments with Apple Pay are transparent. They are processed as a contactless card payment using tokenisation security and look like another digital card form factor.

By end-2024, Apple Pay is available in more than 90 countries worldwide, including:

Google Pay is a digital wallet platform and online payment system developed by Google to power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android-based smartphones, tablets, or watches. In September 2015, Android Pay was launched in the US.

Google Pay supports transparent card payments initiated using Google apps on PCs, notebooks, tablets, smartphones or wearables.

In September 2017, Google launched a UPI-based app Tez in India. On August 28, 2018, Google rebranded Tez Payments to Google Pay. In 2018, Google Pay reached more than 100 million downloads from the Play Store.

From January 2018, the old Android Pay and Google Wallet were transformed into a single payment system rebranded as Google Pay (G Pay). It also took over the branding of Google Chrome’s autofill feature. Google Pay has all the features of Android Pay, while Google Wallet features, such as requesting and sending money, appear in a separate app – Google Pay Send.

The rebranded service provided a new API that allows merchants to add Google Pay to websites, apps, Stripe, Braintree and Google Assistant. The service allows users to make payments on cards stored-on-file with Google Pay. The Google Pay app added support for boarding passes and event tickets in May 2018.

For merchants, digital card payments with Google Pay are transparent. They are processed as a contactless card payment using tokenisation security and look like another digital card form factor.

Google Pay underwent a major redesign in late 2020, with a new emphasis on personal finance management. In May 2022, a companion app, Google Wallet, was announced, intended to replace the 2018 Google Pay app. In June 2024, Google consolidated its payment services by transitioning users from Google Pay to Google Wallet in the United States, streamlining its offerings.

In 2025, Google Pay has 820 million users is available in more than 97 countries worldwide, including:

Samsung Pay, originally launched in South Korea on August 20, 2015, supports transparent card payments initiated using a Samsung app on Samsung smartphone devices. For merchants, digital card payments with Samsung Pay are transparent. They are processed as a contactless card payment and look like another digital card form factor using tokenisation security.

According to Samsung, the growth of Samsung Pay highlights the company’s open approach to mobile payments. With around 2,000 banks and financial partners and an estimated 140 million users, Samsung Pay claims to offer services based on local market needs:

Samsung Pay works with Galaxy phones, including the latest Galaxy S22. Samsung claims that its system will work with almost all point-of-sale systems: NFC, magnetic stripe and EMV (Europay, Mastercard and Visa) terminals for chip-based cards. In June 2022, Samsung Pay announced the launch of Samsung Wallet, enabling users to organise payment, loyalty, and gift cards into one app. Samsung Wallet’s initial launch in June 2022 was limited to seven countries: China, France, Germany, Italy, Spain, the UK and the US. The wallet services were also initially launched in South Korea under Samsung Pay. In October 2022 it was announced that Samsung Wallet would be available in Bahrain, Denmark, Finland, Kazakhstan, Kuwait, Norway, Oman, Qatar, South Africa, Sweden, Switzerland, Vietnam and UAE. Following this, Samsung Wallet became available in additional markets such as Australia, Brazil, Canada, Hong Kong, India, Malaysia, Singapore and Taiwan by the end of January 2023.

Advanced Payment Service Providers

In competition to digital card payments and the internet giants, advanced payment service providers have launched closed-loop advanced payment wallet services. They are de-facto digital payments directly from a virtual wallet account. No card credentials or bank account details are stored on the user’s mobile device.

Subscribed users can link their card credentials and/or bank account details to the wallet. They can pay with the wallet at accepting merchants for purchases in-store at merchant outlets and in online shops.

The payments on advanced payment wallets are de-facto digital payments directly from a virtual wallet account for in-store payments in merchant outlets and/or purchases in online shops on the internet.

The leading advanced payment service providers in Europe are PayPal and Amazon Payments. Emerging advanced payment service providers in Europe include Alipay and WeChat Pay. The international card schemes often support advanced payment service providers with tokenisation security technology.

In the light of the emerging digital payment world, the key intentions of advanced payment service providers are different from the card business:

Advanced payment wallets have evolved into a payment service that provide consumers with a convenient way to pay indirectly with cards or bank account details linked to the wallet. One important feature of advanced payment wallets is that repetitive data entry like card credentials is no longer required.

In addition, storing online shopping data, delivery addresses, instalment options and a mobile money transfer service person-to-person between wallet users are value-added features of advanced payment services.

Advanced payment wallets support omnichannel payment checkouts, including online payments in online shops, QR-code initiated mobile payments in-store at POS devices and in-app payments.

Advanced payment wallet providers pay the merchant. They can settle with wallet users and merchants via direct debits, credit cards, debit cards, prepaid cards, available prepaid amounts of the user’s wallet account, instalment payment or bill payment.

Payments with advanced payment wallets are untransparent, i.e. the card payment brand used for crediting the wallet account is not visible for the merchant. Different from the card business, merchants get the payment value from the advanced payment service provider that guarantees the payment, for the cost of a merchant service charge fee (MSC).

Business Expansion: The advanced payment service providers bypass other payment service providers to become indispensable digital gateways and mediators between merchants, consumers, account serving banks and other payment service providers. Usually licensed as e-money institutions, the next logical option for them is to apply for a banking license and to offer basic digital banking services.

For more details regarding advanced payment service providers and their challenges, please refer to the country profiles of the Yearbook.

PayPal – E-commerce giant PayPal has a bank license and an EMI license in Europe. As of end-2023, PayPal reported more than 431 million active customer accounts globally, down 0.91% from 435 million in 2022. During 2022, PayPal added approximately 8.6 million net new active accounts, ending the year with 435 million active consumer and merchant accounts. PayPal’s total payment volume increased to $1.52 trillion in 2023 (up 11.7% from $1.36 trillion in 2022) and customer engagement grew to an average of 58 transactions per active account, driving 13% growth in transactions per active account at the end of 2023.

During 2020, with consumers worldwide embracing digital wallet capabilities, the company launched several related services including QR Code Checkout, Buy Now Pay Later, Crypto purchasing and Xoom direct transfers to bank accounts and debit cards.

In June 2018, PayPal continued its shopping spree with a $400 million cash deal to acquire e-commerce platform Hyperwallet. The acquisition followed deals to buy Venmo, Xoom, Sweden’s iZettle (renamed Zettle) for $2.2 billion and AI-based merchant marketing outfit Jetlore, as PayPal bids to extend its reach to all corners of the payments market.

In May 2022, PayPal Ventures invested in Modulr, an embedded payments platform for digital businesses, as part of a $108 million Series C funding round led by General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe. Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and processes an annualised transaction value of more than £100 billion.

In 2023, PayPal is exploring the sale of Xoom, its international money transfer subsidiary, in a bid to cut costs and focus on high-growth business areas. Also, Stax Payments – an all-in-one payment provider for businesses – announced its partnership with PayPal in July 2023. This partnership will allow PayPal’s users to easily make payments with more than 20,000 merchants of Stax through a fast checkout process as well as new payment options such as Buy-now-pay-later solutions.

In 2023, PayPal launched its own US dollar-denominated stablecoin, PayPal USD (PYUSD), which is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents and designed for digital payments and Web3. Eligible US PayPal customers who purchase PayPal USD will be able to transfer the token to external wallets, send person-to-person payments, fund purchases at checkouts supported by PayPal, and convert cryptocurrency holdings to and from PayPal USD.

In January 2024, PayPal launched AI-powered features to drive personalised offerings for both merchants and customers based on the data it possesses. These features include Smart Receipts (for merchants) which predicts what shoppers may want to buy next from the merchant. The merchant can then offer personalised recommendations, and cashback offers on this receipt. A major feature for users is CashPass which will use give users personalized cashback offers based on an AI analysis of their spending activity.

In March 2024, PayPal launched a complete suite of payment processing tools for online small businesses in the UK, Canada, and across more than 20 European markets. The PayPal Complete Payments package enables small businesses to accept an expanded range of payment instruments including PayPal, buy now pay later, Apple Pay, Google Pay, credit and debit cards, and alternative payment methods from around the world. By April 2024, PayPal added new features to its complete payments solution for small businesses to enable small businesses to accept a range of payments including PayPal, Venmo and PayPal Pay Later products. PayPal also gave small businesses access to four new features to help them drive payment acceptance and enhance how they run their business, and this will include Apple Pay as a checkout option.

In May 2020, PayPal rolled out QR-code payments to 28 countries worldwide. PayPal users are now able to use their PayPal app to make QR-code initiated mobile payments in-store. Merchants who are selling items in-person can print a QR-code, place it on their table. Their consumers simply scan, enter the purchase amount they are paying and send money immediately.

PayPal users looking to pay can go to the PayPal app, click ‘Send’ and tap the QR code symbol in the top right-hand corner. The camera opens and the consumer can scan a seller’s QR code and follow the prompts to complete the transaction.

The 28 countries where the service is now available are: Australia, Austria, Belgium, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, Slovenia, Slovakia, Sweden, Switzerland, Spain, the UK and the USA.

Amazon Pay – was introduced in 2007. The payment service enables Amazon customers to checkout at participating third-party merchant sites using their Amazon credentials.​

Launch Date: Amazon Pay first launched in August 2007 as “Pay with Amazon,” later expanding globally and adding features for third-party merchant acceptance.​

Functionality: All active Amazon customers can use their Amazon credentials for checkout at partnered merchants – Amazon Pay is available in 18 countries as of October 2024.​

Global Usage: Over 50 million customers have used Amazon Pay for purchases worldwide, with a large share coming from Amazon Prime members, but recent statistics indicate over 3.2 billion transactions processed in 2025 and 600,000+ merchants accepting Amazon Pay as of June 2025.​

Prime Share: More than half of Amazon Pay users are Amazon Prime Members, matching your note on demographics.​

Market Impact: By the end of 2025, Amazon Pay accounts for approximately 6% of the global online payment market, processing an estimated $85 billion in payments.​

Expansion: Amazon Pay experienced 20% growth in mobile usage and 13% total transaction growth from 2024 to 2025.​

Merchant Share: SMEs comprise around 70% of all merchants using Amazon Pay.

Alipay – Alipay is virtual online account used with the Alipay app linked to Chinese UnionPay cards and/or bank accounts. Alipay allows online checkout at accepting online shops and QR-code initiated payment codes are used for in-store payments in merchant outlets. The Alipay app also provides features such as credit card bill payment, bank account management, P2P money transfers, mobile prepaid phone top-up, bus and train ticket purchase, food order, vehicle for hire, insurance selection, and digital identification document storage. The Alipay app allows users to personalise services provided from third-party providers to create a more personalised user experience.

WeChat Pay – WeChat Pay empowers merchants to connect with consumers before, during and after sales through innovative marketing platforms in the WeChat ecosystem. Registered users get a WeChat Official Account. WeChat Pay handles UnionPay’s Quick Pay with the merchant scanning the QR-code shown, QR-code initiated payments with the user scanning the QR-code shown by the merchant, online payments, in-app payments and P2P money transfers. For cross-border payments, users pay in Chinese Renminbi denomination, but the transaction is settled in the respective foreign currency.

Card Processors 

Card processors form a core part of the card payments industry’s infrastructure. Across Europe, many banks have outsourced card processing services to domestic or international providers in order to reduce costs, improve scalability and gain access to specialist technology capabilities.

At the same time, some large issuing banks and banking groups with significant transaction volumes continue to operate in-house processing platforms or dedicated group processing entities. In particular, a number of leading European acquirers run intra-group processing operations in order to retain greater control over product development, service delivery, compliance implementation and time to market.

This has become increasingly important as processors are required to support both new digital payment services and new legal and regulatory requirements within shorter implementation cycles.

In Europe, the card processing industry includes traditional card processors, ATM and POS network hub processors, online payment service processors and other specialised infrastructure providers. However, the leading processors increasingly operate multi-channel payment platforms that support processing and value-added services across a broad part of the card payments value chain.

Card processors typically offer a combination of issuer processing, acquirer processing, ATM network processing and POS terminal network processing. In the ATM and POS environment, they often work together with local terminal maintenance providers, terminal estate managers and specialist network processors.

Issuer processing services range from technical issuer processing, including card personalisation and card production support, to full cardholder processing services. These services support a wide range of card products and digital card technologies, enabling card use across ATMs, POS terminals, e-commerce, mobile in-store payments, in-app transactions and other digital checkout environments.

Acquirer processing services range from technical acquiring support to full merchant processing services. These may include merchant onboarding support, transaction processing, settlement, ATM and POS terminal network processing, gateway services and online payment processing capabilities.

As the market has evolved, the role of the processor has expanded beyond pure transaction handling. Processors are now increasingly expected to provide integrated capabilities such as tokenisation, fraud management, authentication support, data and reporting tools, orchestration, digital wallet enablement and other value-added services that help issuers, acquirers and merchants compete in a more digital payments environment.

Business Expansion – With the event of online payment services for online merchants, many card processors added online payment processing capabilities to their service portfolio.

To provide more services for card acquirers, card processors operate their own online payment processing platform, and they cooperate with multiple specialised online payment service processors (PSPs).

Online payment transactions processed are routed to the respective card acquirer or to independent payment service provider such as PayPal, respectively.

In a next step, many card processors became card acquirers themselves and added CSM processing services to their portfolio to provide more payment services for European banks.

For more details regarding leading card processors in Europe and their challenges, please refer to the country profiles of the Yearbook.

Online Payment Service Processors

Online payment service processors, often referred to as payment service providers (PSPs), are specialised providers of payment gateway and transaction processing services for secure e-commerce, in-app and other digital payment flows. Some also offer white-label or platform-based gateway services for acquirers and other payment providers seeking to extend their online acceptance capabilities without building the infrastructure themselves.

Core services provided by PSPs typically include payment gateway connectivity, online transaction processing, routing, fraud and risk management, authentication support, tokenisation, reconciliation and settlement support, and in some cases collection or managed merchant account services.

European merchants generally connect their online shops or digital checkout environments to a PSP through an API integration, software plugin or hosted payment page. The PSP then routes transactions to the relevant downstream payment provider, which may include card acquirers, digital wallet providers, alternative payment method providers and, where relevant, account-to-account payment initiation providers.

Many PSPs support connections to a large number of payment partners and payment methods, enabling merchants to offer broader choice at checkout while also optimising conversion, security and acceptance performance. In this sense, PSPs increasingly act not simply as technical gateways, but as orchestration and acceptance layers within the wider digital payments value chain.

As digital commerce has evolved, the role of the PSP has expanded beyond basic gateway services. Leading PSPs now combine acceptance connectivity with value-added capabilities such as smart routing, token lifecycle management, recurring payment support, subscription billing, compliance tools, data analytics and cross-border commerce support.

Business Expansion – Initially, European payment service processors started as online PSP processors. Then they added e-money services and card acquiring services to their portfolio. In a final step, they became omnichannel payment service providers by adding POS terminal services and card acquiring in-store at retail outlets.

For more details regarding online payment service processors in Europe and their challenges, please refer to the country profiles of the Yearbook.

POS Network Processors

Initially, POS network hubs in Europe were part of interbank processors focussed on POS terminal network processing and POS terminal maintenance services for the domestic card acquiring banks.

With the decentralisation of the domestic card payments industry, one or more independent POS network processors and the POS network hubs of local card acquirers operate and maintain the local POS terminal estate of a country. In particular, the local POS network hubs in the country are interoperable and linked through a card processor serving the domestic card acquirers.

Foreign cross-border card acquirers operate their own POS network hubs processed by their acquirer processors.

Business Expansion – Innovative local POS network processors expanded their services cross-border into neighbouring countries to support the business expansion of their card acquirer clients. From 2009, large POS network processors have added online PSP processing and card acquiring services to their portfolio.

During the consolidation process of the payments industry, many POS network processors were absorbed by card acquirers or became card acquirers themselves.

In 2025, the leading European card acquirers operate the largest POS terminal networks in Europe with more than 1 million active POS terminals.

For more details regarding POS network hubs in Europe and their challenges, please refer to the country profiles of the Yearbook.

ATM Network Processors

Initially, ATM network hubs in Europe were part of interbank processors focussed on ATM terminal network processing and ATM terminal maintenance services for the domestic card issuing banks.

With the decentralisation of the domestic card payments industry, a few independent ATM network processors, so-called independent service organisations (ISOs) and the ATM network hubs of local card issuers operate and maintain the local ATM terminal estate of a country. In particular, the local ATM network hubs in the country can be interoperable and linked through a card processor serving the domestic card issuers.

European bank groups operate their own ATM network hubs cross-border processed by their group card processor.

Business Expansion – During the consolidation process of the payments industry, many ATM network processors were outsourced to independent ATM network processors such as NCR and Euronet Worldwide.

For more details regarding ATM network hubs in Europe and their challenges, please refer to the section ‘Card Acquiring and Acceptance’ and the country profiles of the Yearbook.

Clearing and Settlement Service Providers

The clearing and settlement of card payments in Europe depends on the type of transaction, the card scheme involved and whether the payment is domestic or cross-border.

For card transactions acquired in one market and made using domestically issued cards, the presentment process is initiated by the card acquirer and may be routed either through the relevant card scheme infrastructure or, in some domestic arrangements, through local clearing and settlement mechanisms.

For payments made with international credit cards or foreign-issued cards, presentment is typically submitted by the acquirer to the relevant international card scheme, such as Mastercard, Visa, American Express, Discover/Diners Club, JCB or UnionPay, using that scheme’s own presentment and clearing processes.

The international card schemes then process, format and route the relevant transaction data to the issuing institutions involved. They also calculate the resulting positions of scheme participants and manage the associated net settlement processes in accordance with their own operating and settlement frameworks.

In the case of some domestic card transactions, national clearing and settlement infrastructures, or domestic interbank processing arrangements, may still play a role in the clearing and settlement process, particularly where domestic card schemes or domestic routing models remain active.

More broadly, each European country has retail payment clearing and settlement arrangements supported either by the national central bank, domestic clearing infrastructures or other designated payment system operators. Historically, domestic clearing and settlement mechanism (CSM) operators, formerly often referred to as automated clearing houses (ACHs), played a key role in national retail payment processing.

Today, some CSM operators continue to run their own infrastructure, while others rely on outsourced or shared processing support from specialist providers. European banks and CSM operators may participate directly or indirectly in wider European and international clearing networks, depending on their size, market role and organisational structure.

Individual European banks may use the services of a domestic or pan-European clearing provider, the retail payment infrastructure of their home central bank, or the internal processing arrangements of a wider banking group. In parallel, some large European banking groups operate intra-group clearing hubs, while others maintain bilateral settlement arrangements for specific flows or counterparties.

As the European payments landscape has evolved, clearing and settlement service provision has become more integrated, more technology-driven and, in some segments, more concentrated. At the same time, legacy domestic models continue to coexist with international scheme-based and pan-European infrastructures.

Card Payment Technology Providers

European card issuers, card acquirers and card processors demand scheme-compliant and regulatory-compliant card payment solutions, digital payment technologies and digital payment terminal devices.

Historically, there were separate payment solutions for POS payments and online payments. With the advent of disruptive payment technologies, new compliance requirements, online payment demands and emerging mobile payments in the last decade, there has been a significant transformation of payment solutions and payment devices towards omnichannel support of digital payment services.

Following a series of mergers and business transformations, the card payment technology providers of the European card payment ecosystem can be grouped according to their core technology service business models:

2.4 International Card Schemes in Europe 

To provide global functionality, most European payment cards carry one of the Mastercard or VISA card brands. Historically, the international card schemes Mastercard and VISA have been card associations supporting their customers, which are card processors, card issuers and card acquirers of Mastercard cards or VISA cards, respectively.

However, the international card schemes have transformed into public companies and digital payment platforms offering multiple digital payment services at omnichannel checkouts for the digital economy.

Even more, the international card schemes push for digital card payments and omnichannel payment acceptance, while the domestic card schemes in Europe have developed their own digital strategies.

In 2020, Mastercard, VISA and American Express were planning to move into Open Banking for account-to-account payments, enabling consumers to pay for goods and services online and on the go, directly from their bank account. The move acts as a bulwark against the incursion of account-to-account payments and cardless payment initiation service providers (PISPs) into the credit card business.

In October 2019, American Express, Discover, Mastercard and VISA announced the roll-out of an interoperable one-click checkout button at e-commerce sites, Click-To-Pay (CTP).

VISA

Visa is a global payments technology company that connects consumers, financial institutions, merchants, governments, businesses and digital partners, enabling electronic payments across domestic and cross-border markets. Through its global network, Visa authorises, clears and settles payment transactions, while also supporting a broader range of payment and money movement services, including account-based and real-time payment capabilities.

Visa generates revenue primarily from service revenues linked to payments volume, data processing revenues linked to transaction switching, and revenues from value-added services and other payment-related activities. Over time, it has evolved from a traditional card network into a broader digital payments platform, with a strategy focused on digital commerce, tokenisation, value-added services and multi-rail payments.

The Visa card scheme is a four-party model involving cardholders, issuers, merchants and acquirers. Visa itself is not a card issuer and not a card acquirer; rather, it provides the scheme rules, network infrastructure and interoperability that allow issuers and acquirers to transact across its global network. Visa-branded cards are accepted at merchant locations and ATMs across Europe and worldwide.

According to Visa’s 2024 annual reporting, the company ended fiscal 2024 with 4.6 billion payment credentials in circulation and acceptance at more than 150 million merchant locations worldwide. The Visa network processed 233.8 billion transactions in fiscal 2024, while total payments and cash volume reached $16 trillion.

In Europe, Visa’s operational data for the three months ended 30 September 2024 showed 700 million cards, 19.2 billion payment transactions, and $715 billion in payments volume in the region. For the twelve months ended 30 September 2024, Visa reported 670 million cards and 18.4 billion payment transactions in Europe on the basis presented in its operational performance tables.

The legacy Visa Electron and V PAY brands have continued to decline as issuers increasingly migrate to Visa Debit products. This reflects a broader product strategy in which debit cards are expected to support e-commerce, in-app payments and digital wallet provisioning more seamlessly than older domestic or region-specific debit formats. Visa’s reporting still includes Visa Electron and V PAY within its branded operational data, but the direction of travel in Europe has clearly been toward broader Visa Debit migration.

Mastercard

Mastercard is a global payments technology company that connects consumers, financial institutions, merchants, governments, businesses and digital partners, enabling a wide range of electronic payment and money movement services. Through its network, Mastercard authorises, clears and settles payment transactions, while also providing a broader portfolio of services spanning account-to-account payments, fraud and cybersecurity, data analytics, authentication, open banking and value-added solutions.

Like Visa, Mastercard operates primarily as a four-party card scheme involving cardholders, issuers, merchants and acquirers. Mastercard is not itself a card issuer or a card acquirer. Its role is to provide the network infrastructure, standards and brand framework that enable participants to issue, accept and process Mastercard-branded payment products on a domestic and international basis.

Mastercard generates revenues from assessments based on gross dollar volume, switching and transaction processing fees, and a growing range of value-added services and solutions. Its strategic development has increasingly centred on becoming a broader digital payments and services platform rather than remaining solely a card network.

Mastercard’s own current corporate materials state that there are more than 3.5 billion Mastercard and Maestro cards in circulation worldwide, with acceptance at more than 150 million locations in over 200 countries and territories. In Europe, Mastercard states that it has over 900 million cards in circulation across the continent.

The Mastercard brand remains particularly important in Europe, where it has historically operated alongside the Maestro debit brand. However, Mastercard announced that from 1 July 2023 banks and other issuers in Europe would stop issuing new Maestro cards and would instead replace expiring or lost cards with products such as Debit Mastercard. Mastercard’s rationale was that Debit Mastercard offers broader functionality across physical, online and digital commerce environments than Maestro.

As a result, the number of Maestro cards in circulation has continued to decline, while European issuers have increasingly migrated to Debit Mastercard products. This transition reflects the wider shift in the European debit market toward products that are more fully enabled for e-commerce, in-app payments, tokenised wallet use and other digital payment environments.

American Express

American Express is a globally integrated payments company whose business model combines card issuing, merchant acquiring and network services within a single platform. In contrast to a traditional four-party card scheme, American Express operates primarily as a three-party model, although it also extends network reach through selected partner arrangements in certain markets. Cardholders can use American Express-branded cards at accepting ATMs and merchant locations across Europe and worldwide.

American Express has a particularly strong position in corporate cards, travel and entertainment payments, and broader business payment services. Its model has historically combined payments, lending, merchant acceptance and loyalty services, helping it differentiate itself in both consumer and commercial segments.

Over time, American Express has also expanded its digital payments strategy beyond traditional card products. This includes investment in tokenised digital payments, wallet enablement, e-commerce authentication and Open Banking-based account-to-account payment capabilities in the UK. Its Pay with Bank transfer proposition enables eligible consumers to make online payments directly from their bank account using Open Banking connectivity, without using a card, reflecting the company’s broader response to the growth of account-based digital payments.

According to American Express’s 2024 Annual Report, the company had 146.5 million cards-in-force worldwide at year-end 2024, of which 83.6 million were proprietary cards and 62.8 million were cards issued by third-party network partners. American Express reported $1.551 trillion in worldwide billed business on proprietary cards in 2024, while worldwide network services processed volume on third-party issued cards reached $213.9 billion.

American Express does not break out Europe-only card and transaction figures in the same way in the current annual report, but it does report continued growth in its international card services business.

In Europe, the regulatory treatment of three-party schemes has been shaped by the Interchange Fee Regulation (IFR), particularly where co-branding or agent models are involved. This has had implications for how American Express structures parts of its business and partnership arrangements within the European market.

Discover, Diners Club

Discover is a digital banking and payments company whose network activities are organised through Discover Global Network, which includes the Discover Network, PULSE and Diners Club International. Through this model, Discover supports card acceptance, cash access, debit network services and international network partnerships. In May 2025, Capital One completed its acquisition of Discover Financial Services, with Discover, PULSE and Diners Club International becoming part of Capital One’s network portfolio.

Diners Club remains relevant in international payments through its network, franchise and alliance structure, particularly in travel, corporate payments and selected international markets. Discover Global Network states that its network is accepted in more than 185 countries and territories, supported by millions of merchant acceptance points, 1.8 million ATMs, and more than 30 network alliances worldwide.

Discover’s international model is based in part on partnerships with domestic networks, issuers and payment organisations, allowing Discover and Diners Club acceptance to expand through alliance-based interoperability. In Europe, cardholders may use Discover- and Diners Club-branded cards at accepting ATMs and merchant locations where network acceptance is enabled.

Given the limited public disclosure of Europe-specific Diners Club operating figures in current official materials, it is more appropriate to view Discover/Diners Club in Europe as a specialist international network participant rather than a mass-market scheme on the scale of Visa or Mastercard. This is an inference based on the company’s published network positioning and acceptance model.

JCB

JCB is Japan’s only global payment brand and remains a leading card issuer and acquirer in its home market. It operates internationally through JCB International and related subsidiaries, including JCB International (Europe) Ltd., which supports its activities across the European market. Cardholders may use JCB cards at accepting ATMs and merchant locations in Europe and worldwide.

JCB continues to position itself as a global payments brand with a particular strength in Asia and in travel-related merchant acceptance. According to JCB’s current corporate overview, the group reported 175.5 million cardmembers, annual transaction volume of ¥50.2 trillion for FY2024, and acceptance at about 71 million merchants worldwide.

In Europe, JCB’s role is best understood as that of an international specialist scheme serving cross-border spend, travel flows and selected acquiring partnerships, rather than a large domestic-scale issuing network. Current official sources support JCB’s continued international presence, but do not clearly substantiate the older claim that JCB International Europe is the sole issuer and acquirer of JCB cards in Europe, so that wording is best removed.

UnionPay

UnionPay is China’s domestic bankcard scheme and one of the largest card networks in the world by cards issued. Internationally, its expansion is led by UnionPay International (UPI), which focuses on acceptance growth, cross-border usage, local issuance partnerships and digital payment services outside mainland China.

UnionPay’s international strategy extends beyond traditional card acceptance and includes QR-code payments, wallet interoperability and other digital payment services. This reflects a broader effort to strengthen UnionPay’s position in cross-border commerce and everyday payments outside China, particularly in travel corridors and local issuing partnerships.

According to UnionPay International, more than 250 million UnionPay cards had been issued outside mainland China in 83 countries and regions by November 2024, and those cards could be used for payments in 183 countries and regions. UnionPay has also said its international business has become increasingly localised, with a growing emphasis on locally issued cards, local wallets and interoperable payment experiences.

UnionPay also continues to expand in Europe through acceptance partnerships and selective issuing activity. In 2024, for example, UnionPay highlighted locally issued UnionPay card usage by travellers from a number of European countries, and in 2025 it pointed to new European issuing initiatives including activity in Spain and France.

Because UnionPay’s publicly available figures often distinguish between global issuance, mainland China activity and international issuance outside mainland China, it is better to avoid older headline totals unless the source basis is explicit. The most robust current framing is that UnionPay is a major internationalising network with substantial issuance outside mainland China and broad acceptance coverage worldwide.

Digital UnionPay cards – In August 2020, UnionPay launched its digital debit and credit card within and outside Mainland China, together with commercial banks, major mobile phone manufacturers, and key merchants and payment institutions. The process of card application and collection is completely digitalised, providing cardholders with a new generation of payment experience. The digital debit and credit card feature four characteristics:

  1. The digital cards digitalise traditional bank cards. Services are delivered digitally to satisfy multiple payment demands such as purchases, cash deposits and withdrawals, bank transfers, mobile QuickPass payments, and QR code payments.
  2. Card application and payments are made swift and easy. Users around the world can apply for cards, link them, and use them through various platforms, including the UnionPay App, bank apps, and e-wallets developed by mobile phone manufacturers. They can pay with mobile QuickPass or QR code by tapping on the screen to access the contactless card or the QR code.
  3. Payments through digital bankcards are secured. Sensitive information, such as the card number and expiry date, is protected throughout the payment process by all-around technologies including tokenisation and real-time risk monitoring. The funds and personal data are thus safeguarded.
  4. Digital bankcards help connect different industries and use cases. With the Token 2.0 digital payment framework, users can push their digital cards to e-commerce retailers, public transit providers or e-wallets as they wish. The cards also come with exclusive benefits, contributing to an interconnected digital payment ecosystem.

Scheme Overview Mastercard and VISA by European Country

Card products in circulation are comprised of consumer cards, commercial cards and purchasing cards. They range from classic cards to gold cards and platinum cards. Additional card features are used to attract cardholders: bonus points, PIN selection at ATMs, cashback 1%-3%, card control by card use notification, and geo blocking. Also, individual picture cards and collector cards are issued on demand.

European-issued debit cards in circulation are branded Maestro, V PAY, Debit Mastercard, or VISA Debit. Credit cards and delayed debit cards are branded Mastercard, VISA, American Express, or Diners Club co-badged Discover. Mastercard and VISA cards with cash-only function are branded Cirrus or PLUS, respectively. Foreign cardholders may also use their Discover, JCB or UnionPay cards in Europe at accepting ATMs and merchant location.

This chapter of the Yearbook sketches the historic evolution of the schemes in individual countries.

Table 2.4.1 – Scheme Overview by Country – Issuer View
Mastercard VISA
Austria Historic eurocheque (ec) country. Maestro was the domestic and international debit brand. Mastercard is the charge/credit brand.
Debit Mastercard issuance from 2019.		 Historically only a charge/credit brand. Electron prepaid cards phased out.
V PAY issuance from 2016, VISA Debit from 2020.
Belgium Historic euro cheque country. Maestro is the co-badged debit card brand. Mastercard is the charge/credit brand. The smaller of the international schemes. Most Belgian VISA cards are classified as debit by VISA.
Bulgaria Mastercard Debit and Maestro debit cards; Mastercard credit cards; domestic BORICA cards co-badged Maestro, domestic BCard cards VISA Electron and Debit VISA cards;
VISA credit cards. V PAY phasing out.
Croatia Maestro debit and Mastercard credit cards; domestic MBCARD co-badged Maestro. VISA Electron, VISA Debit, VISA credit cards.
Cyprus Maestro debit and Mastercard credit cards. VISA Electron, VISA Debit, VISA credit cards.
Czechia Debit Mastercard and Maestro debit cards; Mastercard credit cards. VISA Electron, VISA Debit and VISA credit cards.
Denmark EC-MC issued until 2003, when Maestro was launched. Mastercard cards issued by individual banks. VISA brand used to give international functionality to domestic Dankort debit cards.
Estonia Maestro debit cards; Mastercard credit cards. VISA Electron and VISA credit cards.
Finland Mastercard credit and charge cards, banks have moved from Luottokunta debit to Debit Mastercard. Eurocard trademark used as proprietary card product co-brand. VISA principally a charge/credit brand; banks have moved from Luottokunta debit to VISA Debit.
France Mastercard and VISA used by the ‘green’ and ‘blue’ banks respectively to give “CB” cards international functionality. Maestro and V PAY issuance accordingly.
Germany Historic euro cheque country. Maestro is one of the co-badged brands for girocard cards. Mastercard is the charge/credit brand.
From 2016, Debit Mastercard cards.		 Historically a charge/credit brand; de-facto no Electron cards. V PAY is one of the co-badged brands of girocard cards.
From late 2019, VISA Debit cards.
Greece Debit Mastercard the main international debit brand. Mastercard the smaller charge/credit brand. Maestro de-facto phased out. Historically a charge/credit brand; VISA Debit accounts for more than half of VISA cards in the market. Electron phased out.
Hungary Maestro debit and Mastercard credit cards. VISA Electron debit and VISA credit cards.
Iceland Maestro debit and Mastercard credit cards. VISA Electron debit and VISA credit cards.
Ireland Debit Mastercard and Mastercard credit cards; domestic Laser debit cards co-badged Maestro or Cirrus are phased out. VISA Debit and VISA credit cards;
ATM cash cards branded Plus.
Italy Maestro and Debit Mastercard issued. Mastercard-branded CartaSi cards issued. Debit and credit brand. VISA-branded CartaSi cards issued. V PAY cards issued.
Latvia Maestro debit cards; Mastercard credit cards. VISA Electron and VISA credit cards.
Lithuania Maestro debit cards; Mastercard credit cards. VISA Electron and VISA credit cards.
Luxembourg Mastercard credit and charge cards; Bancontact co-badged Maestro is phased out. VISA principally a charge/credit brand; banks moved from Bancomat to V PAY
Malta Debit Mastercard cards and Mastercard credit cards. VISA Debit and VISA credit cards.
Netherlands Historic euro cheque country. Banks moved from PIN debit to Maestro. Mastercard is the largest charge/credit brand. Historically only a charge/credit brand. One bank moved from PIN debit to V PAY.
Norway Postbanken had issued Maestro. Europay Norge (SEB) had issued Eurocard. Mastercard issued by individual banks. The larger international brand. Mainly a debit card brand. Used to give international functionality to domestic BankAxept cards.
Poland Debit Mastercard and Maestro debit cards; Mastercard credit cards. VISA Debit and VISA Electron cards; VISA credit cards.
Portugal Comparatively small market for Debit Mastercard and Mastercard. MB cards co-badged Maestro or Mastercard. Major VISA market. VISA the larger brand for debit and credit. Major Electron market.
Romania Debit Mastercard cards replaced Maestro cards; Mastercard credit cards. VISA Debit and VISA Electron debit cards; VISA credit cards.
Spain Debit Mastercard and Mastercard used to give international functionality to domestic SistemaPay cards. Maestro brand phased out. Historically the dominant brand and still has a larger market share. SistemaPay is group member. VISA Debit and VISA used to give international functionality to Spanish SistemaPay cards. Electron phased out.
Serbia Maestro debit and Mastercard credit cards. VISA Electron debit cards; VISA credit cards.
Slovakia Maestro debit and Mastercard credit cards. VISA Electron debit cards; VISA credit cards.
Slovenia Maestro debit and Mastercard credit cards; domestic BA debit cards co-badged Maestro; domestic Activa cards co-badged Maestro or Mastercard; Karanta credit cards co-badged Mastercard. VISA Electron debit cards; VISA credit cards; domestic Activa cards co-badged Electron or VISA.
Sweden Mastercard used for off-line debit and charge/credit. Eurocard trademark, owned by SEB, used as ‘programme’ brand. The larger scheme with two-thirds of international cards. Mainly used as a debit brand.
Switzerland Historic euro cheque country. Maestro the domestic and international debit brand. Mastercard the largest charge/credit brand.
From 2018: Debit Mastercard cards.		 Historically only a charge/credit brand. Co-badging Postcard debit cards to Plus gave VISA a presence in ATM cards.

V PAY issuance since 2014.
Turkey Debit Mastercard, Maestro and Cirrus were largest ATM/debit brands, but VISA is now ahead. Mastercard has also lost market share in credit cards. VISA is now the market leader in international debit brand (cards are VISA Debit, Electron and Plus) and in credit cards.
UK Former domestic Switch debit card issuers have deserted Maestro in favour of VISA Debit and Debit Mastercard cards. Biggest debit brand, gaining market share with defection of HBOS, HSBC and RBS/NatWest from Switch/Maestro.
Source: Mastercard International, VISA Inc., Yearbooks research.

Diners Club European Franchises

Table 2.4.2 – Diners Club European Franchises
Country Franchisee
Armenia Araratbank (RA)
Austria DC Bank AG (owner from March 2015: card complete(A))
(03/2015: Bank Austria sold DC Bank to card complete;
2012: licence transferred from AirPlus Austria to Bank Austria)
Belgium Diners Club Benelux (owner from April 2014: Beobank)
Bulgaria First Investment Bank (FI Bank)
Croatia Erste Card Club (owner from April 2007: Erste Bank)
for Diners Adriatic/SEE region (HR, SLO, BIH, SRB, MK, MNE)
Czechia DC Bank AG (owner from March 2015: card complete (A))
France Société Générale (F) (from April 2014)
Germany DC Bank AG (owner from March 2015: card complete (A))
Greece Citibank Greece (owner from September 2014: Alpha Bank GR))
Hungary Diners Club (US) – no local site
Ireland Affiniture Cards (from August 2012)
Israel ICC
Italy CornèrCard (owner from October 2015: Cornèr Banca (CH))
Luxembourg Diners Club Benelux by Beobank (from April 2014)
Macedonia Diners Club Beograd (owner from March 2017: Erste Card Club (HR))
Montenegro Diners Club Beograd (owner from March 2017: Erste Card Club (HR))
The Netherlands Diners Club Benelux by Beobank (from April 2014)
Nordic & Baltic States SEB Kort (covers DK, N, S, SF & the Baltics)
Poland DC Bank AG (owner from March 2015: card complete (A))
Portugal Unicre (Agency)
Russia Russian Standard Bank (2012)
Serbia Diners Club Beograd (owner from March 2017: Erste Card Club (HR))
Slovakia DC Bank AG (owner from March 2015: card complete (A))
Slovenia Erste Card Club (from July 2013: Erste Bank)
Spain Joint Venture: AirPlus International + Banco Santander
Switzerland CornèrCard (owner from May 2014: Cornèr Banca)
Turkey Alternatifbank (owner from May 2015: Commercial Bank of Qatar)
United Kingdom Affiniture Cards (August 2012)
Source: Discover, Diners Club.

Citigroup re-acquired the majority stake in the Diners Club Europe franchise in 2003 but then sold most of the local franchises to other players. From 2007, due to declining card volumes by number and by value and due to Citigroup divesting from the Diners Club franchises, the Diners Club franchises in Europe have undergone several significant shareholder changes and cross-country consolidations.

American Express European Relationships

As a result of the EU regulation of interchange fees (IFR), American Express elected to exit all its bank licensing arrangements in the European Union. This means that they have terminated all licenses with its existing EU partners, stopped issuing new cards and are in the final stages of the process of closing all operations related to bank licensing. Over the course of 2019, American Express credit cards issued under independent operator agreements were rendered invalid in all countries of the European Union. Various banks that have up to now had exclusive licensing contracts with American Express have already responded accordingly and provided their clients with the opportunity to switch to other card brands.

From 2020, American Express Payments Europe is the sole issuer and acquirer of American Express cards in Europe. However, American Express Payments Europe continues local sales partner arrangements with local card acquirers enabling the use of American Express cards at ATMs, at POS terminals, and in online shops.

The table below reflects the card acquiring relationships American Express had in place as at the end of 2019.

Table 2.4.3 – American Express European Relationships
Partner Country Date Programme
International Bank of Azerbaijan Azerbaijan 5/2008 Joint venture agreement
Alpha Card
(JV PNB Paribas Fortis and American Express)		 Belgium +
+ Luxembourg		 4/98 Joint venture agreement
Privedna Banka Zagreb (PBZ) Bosnia & Herzegovina 5/92 Independent operator agreement
Postbank A.D.
(EuroBank EFG Bulgaria)		 Bulgaria 2004 Independent operator agreement
Privedna Banka Zagreb (PBZ) Croatia 5/72 Independent operator agreement
Bank of Cyprus Cyprus 9/02 Independent operator agreement
Danske Bank Denmark 10/99 Franchise agreement
Teller (NETS Group) Denmark 2007 Acquiring agreement
Swedbank Estonia 2007 Franchise Agreement
Société Générale France 11/02 Partnership agreement
Credit Agricole CF (Finaref) France 9/01 Network agreement
Credipar (Bank PSA Finance) France 5/96 Network agreement
Alpha Bank Greece + Albania +
+ Macedonia		 4/95 Franchise agreement
OTP Bank Hungary 6/05 Network agreement
Borgun Iceland 2008 Acquiring agreement
Kreditkort Iceland 2007 Network agreement
Elavon Merchant Services Ireland 2005 Acquiring agreement
Deutsche Bank Italia Italy 10/00 Co-brand Partner
Alitalia Italy 10/05 Co-brand Partner
Kazkommertsbank (KazKom) Kazakhstan 6/2010 Franchise agreement
Citadele Bankas Latvia +
Lithuania		 10/07 Independent operator agreement
Bank of Valetta (BOV) Malta 10/03 Independent operator agreement
Crnogorska Komercijalna Banka Montenegro 09/08 Franchise agreement
DNB Bank Norway 11/98 Franchise agreement
Teller Norway 2007 Acquiring agreement
Millennium BIG Bank SA Poland 6/99 Independent operator agreement
First Data Polska Poland 2007 Acquiring agreement
Millenium bcp Portugal 1/95 Franchise agreement
Novo Banco Portugal 1/95 Franchise agreement
Bancpost (Bank Transilvania) Romania 2004 Independent operator agreement
Russian Standard Bank (RSB) Russia 2005 Network agreement
Banca Intesa ad Beograd Serbia 5/2006 Independent operator agreement
VUB Slovakia 5/2006 Network agreement
Intesa SanPaolo Bank Slovenia 5/72 Independent operator agreement
Banco Santander Spain 7/98 Network agreement
CaixaBank Spain 11/96 Franchise agreement
Iberia Cards (IBC) Spain 9/2007 Network loyalty agreement
EnterCard Sverige (Swedbank) Sweden 1/2000 Network licence agreement
Swisscard
(JV Crédit Suisse with American Express)		 Switzerland 3/98 Joint venture agreement
Garanti Bankasi Turkey 10/2009 Franchise agreement
Lloyds Bank UK 4/2005 Franchise agreement
Franchise/Independent operator agreement: the partner acts as American Express issuer and American Express acquirer in the market;
Network agreement: the partner issues alongside American Express issuing operation, American Express responsible for acquiring.
Source: American Express.

According to American Express, there are currently no card acquiring partner relationships in the countries Austria, Czechia, Finland, Germany, Italy and The Netherlands by mid-2025.

Historic Background – About the former VISA Europe

As the former Europay International was merged with Mastercard in 2002, VISA Europe as the separated entity of ‘VISA Inc.’ became the only remaining entity having a kind of special relationship with the European banks.

However, in November 2015, VISA Inc. and VISA Europe announced a definitive agreement for VISA Inc. to acquire VISA Europe, creating a single global company. The transaction consisted of an upfront consideration of €16.5 billion with the potential for an additional earn-out of up to €4.7 billion payable following the fourth anniversary of closing, for a total value of up to €21.2 billion. VISA Inc. added approximately 3,000 European issuers, over 500 million card accounts and more than €1.5 trillion in payments value to its portfolio. In June 2016, the transaction to build One VISA was closed.

In 2015, VISA Europe reported 522.6 million cards (+2.4%) and 37.9 billion transactions (+7.4%) proving again that card business in Europe continued to show significant growth rates. Included were more than 38.0 million cards branded V PAY issued in Europe as at end-2015. Following the VISA merger, VISA no longer provided subsequent update for VISA Europe figures from 2016.

2.5 Domestic Card Scheme Transformation 

Card payments made under domestic card brands remain relevant for merchants, issuers, acquirers and processors in the countries where those schemes continue to operate, and in some cases also in neighbouring markets through co-badging or cross-border arrangements. However, the overall role of domestic card schemes in Europe has narrowed as international schemes have expanded and as digital commerce has reshaped payment requirements. According to the ECB, only nine national card schemes were active in the EU in 2025, each operating in a single Member State, underlining the long-term consolidation of the domestic scheme landscape.

In Europe, domestic card schemes that remain important include Belgium (Bancontact), Bulgaria (Borica/Bcard), Denmark (Dankort), France (Cartes Bancaires), Germany (girocard), Italy (PagoBANCOMAT), Norway (BankAxept), Portugal (Multibanco), Serbia (DinaCard), Turkey (TROY) and Russia (MIR). In the EU context, the ECB’s current reporting indicates that the active national card schemes are fewer than older market lists often suggested, and one previously cited Spanish scheme was reclassified as a clearing system rather than treated as a national card scheme.

In response to competition from the international card schemes, most surviving domestic card schemes have modernised their products and infrastructure. This has included migration to EMV, the rollout of contactless functionality, support for digital card form factors, and, in several markets, integration into mobile wallet and e-commerce environments. Domestic schemes have also increasingly relied on co-badging with international brands to enable acceptance outside the home market.

The arrival of SEPA, wider European market integration and growing demand for interoperable digital payment services significantly altered the strategic role of domestic schemes. Schemes that had been designed mainly for domestic physical point-of-sale use came under pressure to support cross-border acceptance, e-commerce, tokenisation and mobile payments. Some adapted successfully, while others were phased out or absorbed into broader card migration programmes.

Over time, several domestic debit schemes disappeared from the market. Earlier examples included Pankkikortti in Finland, Bancomat in Luxembourg, PIN in the Netherlands and Laser in Ireland, with those products replaced by internationally branded debit cards such as Debit Mastercard, Visa Debit, Maestro or V PAY, depending on the market and period. In Belgium, the former BC/MC model evolved into Bancontact, while other domestic schemes have continued under modernised national brands. These transitions reflected both regulatory pressure and the increasing commercial need for cards to work across physical, online and mobile environments. This synthesis is consistent with the ECB’s description of the decline in national scheme coverage and the broader shift toward international card scheme reliance in many EU markets.

Table 2.5.1 summarises the remaining domestic card brands and domestic IBAN-based payment brands in Europe as at end-2024, with further information provided in the individual country profiles.

In addition to domestic card schemes, Table 2.5.1 also summarises domestic IBAN-based credit transfer and direct debit payment services in SCT and SDD formats. These services are complementary to card payments, particularly in countries where domestic card schemes were historically not designed to support card-not-present payments in e-commerce or other digital checkout environments.

Table 2.5.1 – Domestic Payment Brands in Europe (end-2024)
Country Domestic Payment Brands Channels
Austria IBAN-based SCT:  eps Internet
Belgium Debit:  Bancontact
IBAN-based SCT: Payconiq by Bancontact: Wero		 ATM, POS, Internet, VM, app
POS, Internet, app, P2P
Bulgaria Debit, Credit:  BORICA
Debit, Credit:  BCARD (2017)
Credit:  TRANSCARD
IBAN-based credit transfer: BLINK
mono-bank:  RaiCARD		 ATM, POS, Government
ATM, POS, InternetATM, POS
ATM, POS, Internet
ATM, POS
Bosnia & Herzegovina Debit and credit:  BAMcard ATM, POS
Croatia Debit:  MBCARD ATM, POS
Denmark Debit:  Dankort ATM, POS, Internet, VM, app
France Debit, Delayed Debit:  Carte Bancaire “CB”
IBAN-based SCT: Lyfpay: Wero		 ATM, POS, Internet, VM
Internet
France mono-bank Credit: Cofidis POS, Internet
France mono-bank Credit: Cofinoga ATM, POS, Internet
France mono-bank Credit: CA CF ATM, POS, Internet
France mono-bank Credit: BNP PF ATM, POS, Internet
France mono-bank Credit: FranFinance ATM, POS, Internet
France mono-bank Credit: Oney Bank ATM, POS, Internet
Germany Debit:  girocard

IBAN-based SCT:  giropay

IBAN-based SDD:  euroELV

e-purse: GeldKarte: Wero

 ATM, POS, VM

Internet, P2P

Internet, app

POS, Internet, POS, VM
Italy Debit:  Bancomat, PagoBancomat,
mono-bank Debit: Postamat
Credit:  CartaSi
IBAN-based Jiffy / Bancomat Pay		 ATM, POS
ATM, POS
ATM, POS; Internet
POS, Internet, app, P2P
Malta Debit:  Cashlink ATM, POS, Internet
Netherlands IBAN-based SCT:  iDEAL
IBAN-based SCT:  Payconiq by Bancontact: Wero		 Internet, app
Internet, app, P2P
Norway Debit:  BankAxept
IBAN-based credit transfer: Vipps		 ATM, POS
POS, Internet, P2P
Poland IBAN-based credit transfer:  BLIK Internet, app, P2P
Portugal Debit:  Multibanco (MB) ATM, POS, Internet, VM
Russia Debit, Credit, Prepaid: MIR ATM, POS, Internet
Serbia Debit, credit, and prepaid:  DinaCard ATM, POS
Slovenia Debit, Delayed Debit:  Activa
Debit:  BA
Delayed Debit, Credit:  Karanta		 POS, Internet
ATM, POS
POS
Spain Debit, credit/dd, prepaid:  SistemaPay.
IBAN-based SCT: Bizum		 ATM, POS, Internet, VM
Internet
Sweden IBAN-based Swish POS, Internet, app, P2P
Switzerland Debit:  mono-bank PostFinance CardDirect ATM, POS, Internet
Turkey Debit, Credit, Prepaid: TROY ATM, POS, Internet
UK ATM:  cash card function LINK ATM
Note: Domestic cards have both a cash function and a payment function unless otherwise stated.
Source: PCM research.

Digital Transformation of domestic card schemes

Most of the domestic card schemes have moved to contactless cards. While French CB cards have had a contactless function for many years, the other card schemes started the rollout of contactless scheme cards as recently as in 2014-2015:

The contactless limit for low value payments without PIN on domestic cards is individual by country, and it may be different from the country specific contactless limit for VISA/Mastercard cards (see country profiles).

Outlook – As the international card schemes push for digital card payments, the domestic card schemes in Europe have developed their own digital strategies to transform domestic cards into omnichannel digital payment services.

Innovative domestic card schemes have moved to mobile HCE NFC payments on cards, added online payment capabilities where missing, and launched mobile P2P payments and QR-code initiated payment apps.

Encouraged by the ECB, leading European payment service providers announced the launch and support for a European-wide digital payment scheme based on instant payments.

For domestic card scheme details please refer to the country profiles of the Yearbook.

2.6 Interchange Arrangements in Europe 

The main interchange fee arrangements applied in Europe can be grouped into three broad categories:

The legal and commercial framework for interchange fees in Europe was fundamentally reshaped by Regulation (EU) 2015/751 on interchange fees for card-based payment transactions. That regulation introduced uniform technical and business requirements for card-based payment transactions carried out within the EU and established harmonised limits for interchange fees on consumer cards. It caps interchange fees at 0.2 per cent of the transaction value for consumer debit cards and 0.3 per cent for consumer credit cards.

In addition to interchange caps, the regulation addresses a wider set of market structure and conduct issues. These include licensing, the separation of payment card scheme and processing entities, choice of payment application for co-badged cards, and limits to the Honour All Cards rule. The regulation also introduced greater transparency around merchant charges and the composition of card acceptance costs.

The interchange fee caps became applicable from 9 December 2015. Rules on payment application selection for co-badged cards applied later, from 9 June 2016. These reforms had significant implications for issuers, acquirers, schemes, processors and merchants across Europe.

The IFR applies to consumer debit and consumer credit card transactions within scope, but it does not apply to all payment instruments or all card categories. In particular, limited network instruments are outside scope, and the treatment of some commercial cards and three-party arrangements depends on the structure of the model and the relevant regulatory definitions.

The wider European framework also restricts surcharging for payment instruments covered by the IFR. Under PSD2, the prohibition on surcharging applies to payment instruments for which interchange fees are regulated under the IFR, and the European Commission later proposed extending that ban more broadly to credit transfers and direct debits as part of the 2023 payments package.

In practical terms, the IFR reduced the role of high domestic multilateral interchange fee models and pushed the European market towards a more standardised regulatory framework. Since then, merchant pricing has increasingly reflected the full structure of card acceptance costs, often described through an Interchange++ model that separates:

This unblended approach was intended to improve transparency for merchants and make the components of the merchant service charge more visible.

Since the introduction of the IFR, the economics of card issuing and acquiring in Europe have continued to adjust. In many markets, issuers responded by rebalancing card propositions, fees and rewards, while merchants and acquirers increasingly focused on total acceptance cost rather than interchange alone. At the same time, scheme fees and other non-interchange charges have become more important in commercial negotiations, meaning that the overall merchant service charge remains a broader issue than the interchange cap by itself. This final point is an inference from the regulatory structure and merchant charging model described in the Commission material.

European Court of Justice issues ruling against American Express 

The European Court of Justice (ECJ) has issued a ruling against American Express that puts the popular British Airways card in the balance.

Under IFR regulation that took force in October 2015, credit card transactions which involve four parties – the cardholder, retailer, card provider (such as Mastercard or VISA) and the issuing bank (such as Lloyds Bank or NatWest) – have limits on the level of so called ‘interchange fees’ that can be charged to retailers by the card companies.

But the current European-wide ruling has judged that in cases when a card is co-branded, such as with an airline, this counts as a fourth party and thus fees charged to retailers must be capped. Also, airlines tend to charge around 1p per mile to their co-brand partners and that is unaffordable in the world of capped merchant fees, according to online publication Moneywise.

American Express has lost an appeal, which means it will now be limited in the amount it can charge retailers that accept American Express payments made using some of its cards.

However, American Express cards issued by banks, such as Lloyds Bank American Express Avios Rewards Credit Card, will not be affected as these are already defined as four party cards and subject to fee caps. In a statement issued to Moneywise, American Express said cardholders should continue to use their cards as normal.

European Commission Action on Inter-regional Interchange Fees

For many years, the EU interchange fee caps for consumer cards applied primarily to transactions involving cards issued within the European Economic Area (EEA), while inter-regional transactions involving consumer cards issued outside the EEA remained outside that cap-based framework. This created a distinction between intra-EEA card payments and payments made in Europe with consumer cards issued in other regions.

In December 2018, Visa and Mastercard offered commitments to the European Commission in order to address competition concerns relating to inter-regional interchange fees. On 29 April 2019, the Commission made those commitments legally binding under EU antitrust rules. The commitments reduced inter-regional interchange fees for consumer card payments in the EEA by around 40 per cent on average. For card-present transactions, the commitments capped debit card interchange fees at 0.2 per cent and credit card interchange fees at 0.3 per cent. For card-not-present transactions, the commitments set caps of 1.15 per cent for debit cards and 1.50 per cent for credit cards.

The case was particularly relevant for European merchants accepting cards issued outside the EEA, for example where non-European tourists used their cards in the European market. The Commission also required greater transparency, including publication of the applicable inter-regional interchange fees in a clearly visible and accessible way. According to the Commission, the commitments were intended to apply for five and a half years, initially running until November 2024.

This antitrust action sat alongside a separate Commission case concerning Mastercard’s cross-border acquiring rules. In January 2019, the Commission fined Mastercard €570.6 million for restricting the ability of merchants to benefit from better acquiring conditions offered by banks located in other EU Member States.

EU Rules on Charges for Cross-border Payments in Euro

A separate but related regulatory development concerned cross-border payments in euro between euro area and non-euro area EU Member States. In March 2019, the EU adopted Regulation (EU) 2019/518, amending the earlier cross-border payments framework so that charges for cross-border euro payments in non-euro area Member States would be aligned with the charges applied to corresponding national payments in the same currency.

The purpose of this reform was to reduce the cost of euro-denominated cross-border payments for consumers and businesses in Member States outside the euro area, where such payments had often been significantly more expensive than domestic transactions. The new rules also introduced greater transparency around currency conversion charges, requiring payment service providers and ATM operators to disclose those charges more clearly before a transaction is made. The Commission said the measures would help consumers compare options more easily and reduce barriers to the single market.

UK Interchange Fees Lawsuit

In July 2018, Mastercard and VISA were hit with a damaging setback in the ongoing UK interchange fees lawsuit. The UK Court of Appeal ruled in favour of UK retailers in a massive blow to the card networks, which could now face billions of pounds in interchange fees damages. Mastercard and VISA face several lawsuits filed by retailers in the UK totalling an estimated €2 billion in claims.

In June 2020, the UK’s Supreme Court ruled in favour of UK retailers over the level of interchange fees charged by VISA and Mastercard. The Supreme Court unanimously upheld the earlier conclusion of the Court of Appeal that the multilateral interchange fees infringed EU antitrust rules by illegally restricting competition in the acquiring market. The judgment did not specify how much retailers were entitled to in repayment, but it is estimated that the maximum repayment could be as much as £14 billion if the networks failed to prove the benefits of interchange.

In December 2020, the UK Supreme Court allowed the case to proceed, paving the way for similar litigation from other groups to be brought forward.

In 2024, Mastercard and Visa are facing collective lawsuits in the UK, over historical overcharging claims on multilateral interchange fees, with claims surpassing £4 billion.

The Competition Appeal Tribunal has approved the action, allowing UK businesses to seek compensation for losses due to unlawfully high multilateral interchange fees (MIFs) on commercial card transactions.

These fees, which operate like a tax on businesses, have impacted sectors like retail, hospitality and travel, significantly increasing costs for businesses.

The claim period covers June 2016 to June 2022, and businesses that accepted commercial card payments during that time may be eligible to join the lawsuit.

In the UK, The Payment Systems Regulator (PSR) has taken a decisive step to address the soaring costs of cross-border interchange fees on card transactions.

Following a detailed review, the PSR has confirmed that Visa and Mastercard’s substantial increases in cross-border interchange fees are harming UK businesses, with costs rising by an estimated £150-200 million annually.

To combat this, the regulator is proposing a price cap to bring relief to businesses and their customers.

European banks have expressed “serious concerns” regarding the UK Payment Systems Regulator’s (PSR) plan to cap interchange fees on cross-border digital transactions.

This proposal, which impacts fees levied by Visa and Mastercard on behalf of banks, is seen by European banking bodies as potentially “discriminatory” and harmful to Fintechs and digital banks that rely heavily on payment fees.

The row exemplifies post-Brexit regulatory divergence challenges, with European industry representatives arguing that their costs of processing payments have increased since Brexit.

They warn that the proposed cap could lead to losses on transactions due to the increased costs associated with digital wallets like Apple Pay and Google Pay.

2.7 Digitalisation of Card Payments 

Historically, magnetic stripe cards with signature authentication were replaced by EMV chip cards with PIN authentication. In parallel, the international card schemes introduced 3-D Secure to strengthen the security of online card payments. Over the past decade, the digitalisation of card payments in Europe has accelerated significantly, driven by contactless adoption, tokenisation, mobile wallets, digital onboarding and the wider shift to e-commerce and embedded payments.

Key features of this digital transformation include:

The scale of contactless adoption underlines the extent of this shift. According to the ECB, contactless card payments in the first half of 2025 reached 29.6 billion transactions in the euro area, accounting for 83% of all non-remote card payments by number and 67% by value.

Early digital card payment propositions included scheme and wallet solutions such as Masterpass, Visa Checkout, Apple Pay, Google Pay, Samsung Pay and PayPal. However, some of the earlier scheme-branded wallet offers have since been phased out or absorbed into broader digital checkout models. In particular, Click to Pay has become the main card-scheme-led standard for streamlined online card checkout, based on the EMV Secure Remote Commerce (SRC) framework published by EMVCo in 2019 and further updated since then.

Today, contactless plastic cards, virtual cards, card-on-file experiences, tokenised wallet payments and mobile NFC transactions are all part of the mainstream European card payments landscape. At the same time, the rise of digital wallets has shifted some consumer behaviour away from presenting a physical card and towards initiating card payments through smartphones, watches and other connected devices.

At the same time, cardless digital payment services have continued to gain momentum in Europe. These have developed within the common legal and regulatory framework for payment services in the European Economic Area, including PSD2 and related rules, and include services offered by payment initiation service providers (PISPs), account information service providers (AISPs), digital retailers and banks. In parallel, many banks now support both account-based digital payments and tokenised mobile card payments through their own apps and partner wallet ecosystems.

This chapter of the European overview section highlights digital payment details about:

More details about digitalisation of card payments are provided in the country profiles of the Yearbook.

Contactless Cards and Digital Card Form Factors

Contactless cards with payment function and PIN authentication are issued based on secure EMV technology. They are the new normal in Europe and contactless card payments show significant traction since 2017. Mastercard, VISA, and the card manufacturers revealed that more than 70% of all cards shipped in Europe in 2019 were contactless.

In addition, various contactless card form factors are offered to European cardholders: NFC stickers, mini-cards, NFC wearables like bracelets, key fobs, and digital watches.

Contactless payments for purchases below a predefined limit are without PIN and without transaction receipt. Contactless payments of amounts above the contactless limit require PIN authentication.

In March 2020, in response to the COVID-19 pandemic, the PIN-less contactless limit was doubled in 19 European countries to encourage more non-cash transactions. In the case of successive contactless payments without a PIN code, the cumulative limit was increased to €100. As of 2023, contactless payment limits in Europe have seen further adjustments since the initial increases in 2020. These limits vary by country and are subject to change based on regulatory decisions and consumer behaviour. For instance, the cumulative limit in the United Kingdom without a PIN code has been raised to £300 from £130.

Details about contactless card payments and individual contactless limits by country are provided in the individual country profiles of the Yearbook.

Mobile HCE NFC Payments with Digital Cards

In 2014, VISA and Mastercard both announced support of Host Card Emulation (HCE), a cloud-based mechanism for hosting card credentials outside the Secure Element of a smartphone that effectively removes the need for bank reliance on mobile network operators in implementing mobile payments.

In 2015, both card giants claimed significant interest in the HCE NFC technology:

From 2018, mobile banking apps of many European banks support mobile HCE NFC payments on cards at contactless POS terminals, in combination with tokenisation security. The bank client just connects his or her card credentials stored in the cloud with the contactless payment function of the mobile banking app.

By end-2018, mobile HCE NFC payments are the new normal and have replaced most of the SIM SE NFC payment implementation pushed by mobile network operators in the period from 2009 to 2012.

Digital Card Wallets of the international Card Schemes

In parallel with the rollout of contactless card payments, the international card schemes also developed digital wallet and digital checkout solutions designed to simplify e-commerce payments and reduce reliance on static card credentials stored in merchant systems. The strategic objective was to improve security, reduce fraud risk, support tokenisation and ease the PCI compliance burden for merchants by limiting the exposure of underlying card data.

From 2012 onwards, scheme-led wallet propositions such as V.me, Visa Checkout, Masterpass and other branded solutions were launched in a number of markets, including selected countries in Europe. These products represented an early attempt by the schemes to create streamlined digital checkout experiences based on stored credentials and secure authentication.

However, the market subsequently shifted towards a more interoperable and standardised approach. In 2019, American Express, Discover, Mastercard and Visa announced the rollout of Click to Pay, based on the EMV Secure Remote Commerce (SRC) standard. Click to Pay was designed as a common, scheme-participating online checkout experience intended to simplify e-commerce payments across devices and merchants. EMVCo continues to position SRC as the common technical baseline for Click to Pay solutions, and updated SRC specifications were still being released in 2024 and 2026.

As a result, the earlier proprietary scheme wallet brands have largely given way to Click to Pay and similar tokenised checkout models. Visa now presents Click to Pay as its current online checkout proposition, and Mastercard does the same. Both position it as a faster and more secure way to pay online without repeatedly entering full card details.)

Earlier scheme-led wallet projects also helped drive other developments in digital commerce, including support for tokenisation, guest checkout improvements, and experimentation with QR-based payments. Mastercard and Visa worked with EMVCo and other industry participants on global QR specifications intended to support more consistent merchant-presented and consumer-presented QR payment experiences. But in the card-not-present environment, the more significant long-term development has been the move from proprietary branded wallets to interoperable, standards-based digital checkout.

Visa Checkout Replaced V.me – Visa’s earlier digital wallet strategy originally included V.me, which was launched in selected European markets before being replaced by Visa Checkout. Visa Checkout then became Visa’s branded digital checkout offer for several years, allowing consumers to store multiple cards and pay online using a simpler sign-in experience. That model has since been superseded by Visa Click to Pay, which is based on EMV SRC standards and supports an interoperable checkout button across participating merchants and card brands.

Masterpass – Mastercard launched Masterpass as one of its early digital wallet and online checkout propositions, and it was used in a number of countries and partnership models, including some European markets. Over time, however, Mastercard’s strategy also moved toward Click to Pay as the preferred standards-based online checkout framework. Mastercard now promotes Click to Pay as its secure digital checkout solution, built on EMV SRC and supported by tokenisation and virtual card numbers.

In summary, the digital wallet initiatives of the international card schemes played an important role in the early evolution of digital card payments, but the market has since moved toward more interoperable, tokenised and standards-based remote checkout models. Today, Click to Pay is the main scheme-supported expression of that strategy in e-commerce.

Internet Giant Wallets: Apple Pay, Google Pay, Samsung Pay 

Based on their large tech communities, in 2015, Apple, Google and Samsung launched their own digital payment services Apple Pay, Google Pay and Samsung Pay, respectively. The three companies and their payment services make use of the card schemes HCE NFC technology combined with tokenisation security.

They are supported by the schemes Mastercard and VISA, and they all embrace the card issuer banks to support their digital payment service. For merchants, digital payments with Apple Pay, Samsung Pay and Google Pay just look like another form-factor type of contactless card payment.

The rollout of Apple Pay (90+ countries), Samsung Pay (29 countries), and Google Pay (100+ countries) continues (see below).

2.8 About Card Fraud in Europe

Card fraud is one of the most fascinating aspects of the payments industry, not least because it is relentless and mutating. EMV implementation and 3D-Secure, combined with Strong Customer Authentication (SCA), have done much to reduce domestic losses from lost and stolen cards in Europe. However, the war against fraud losses and the changing face of fraud continues to be a threat for the payments industry, including Europe.

The global card fraud challenges are Card-Not-Present fraud (CNP), cross-border fraud and counterfeiting on non-EMV cards. CNP fraud accounted for 80% of the total value of card fraud losses in 2020. From 2017, a new payment fraud category is fraud losses on contactless card payments.

International card fraud continues to be smaller in scale than domestic card abuse but is proportionately far more common. And of course, fraudulent cross-border transactions on cards continue to grow on all purchase channels.

Losses from card fraud on the internet and cross-border fraud on domestic cards have grown significantly. Following EMV implementation, card fraud has moved increasingly to countries where POS terminals or online shops have not yet been migrated to EMV and SCA, respectively, and to cross-border fraud with compromised cards.

The breakdown of card fraud losses by method of compromise already indicates the importance of distinguishing between domestic and cross-border fraud losses. The method of compromise covers how fraudsters obtain payment cards or card details. Notable methods of compromise in a complex payment world are CNP fraud based on theft of card credentials and card lost and stolen fraud followed by growing ID fraud and by cross-counterfeit fraud.

The main method of compromise responsible for losses in many European countries is now the theft of card credentials. A high proportion of these card fraud losses are caused by the growth in e-commerce, and still the lack of use of Strong Customer Authentication methods such as 3D-Secure 2.0.

In a post data-breach world, identity information, payment credentials, account credentials and responses to security questions are widely available for purchase in bulk. Complete fraud exploits and zero-day attacks are also easily available on the black market for outright purchase or as a hosted / fully managed service.

In the digital payments world and having the changing face of fraud in mind, there are significant challenges for card issuing banks, payment service providers and their supporting processors.

According to the ECB and the European Payments Council (EPC), four significant card fraud trends in SEPA continued to be identified:

Undoubtedly, the implementation of chip cards continues to contribute to significantly declining card fraud loss rates in Europe. Following EMV implementation, card fraud moves increasingly to countries where POS terminals have not yet been migrated to EMV and, also, to cross-border fraud with compromised cards.

Card fraud in Europe has shown a significant decline in recent years, but remains a substantial concern. In 2021, card fraud fell to its lowest level since data collection began, constituting 0.028% of the total value of card payments made using cards issued in the Single Euro Payments Area (SEPA). This amounted to €1.53 billion from a total value of €5.40 trillion.

However, more recent data shows an increase in payment fraud across the European Economic Area (EEA). The total value of fraudulent transactions, including credit transfers, direct debits, card payments, cash withdrawals, and e-money transactions, amounted to €4.3 billion in 2022 and €2.0 billion in H1 2023.

Key Findings

Card Fraud Rates: In H1 2023, card fraud with cards issued in the EEA accounted for 0.031% of the total value and 0.015% of the total number of card payments.

Cross-Border Transactions: Most card fraud (71% of total value in H1 2023) involved cross-border transactions.

Card-Not-Present Fraud: This type of fraud, which occurs in online and telephone payments, accounted for approximately 84% of the total value of card fraud in 2021.

Strong Customer Authentication: The implementation of strong customer authentication under the revised EU Payment Services Directive (PSD2) has shown positive results in reducing fraud, especially for card payments.

For details about card fraud levels and card fraud dynamics, please refer to another part of European the overview section part ‘Card Payments Overview’.

2.9 Card Payment Service Trends

In 2024, contactless plastic cards, virtual cards for internet use, and mobile HCE NFC card payments are mainstream in Europe. This includes mobile card payments with Apple Pay, Google Pay and Samsung Pay.

The latest card payment trends with impacts on new types of payment checkouts include cash-advance services on cards, messenger Pays, digital banking payments in-store, invisible payments, conversational and social media commerce payments, and in-car payments.

For more details on card payment service trends, please refer to the individual country profiles of the Yearbook.

Click & Collect Service

Online buyers who do neither want to give card credentials nor bank account details to any merchant, online PSP, or card acquirer can use Click & Collect payment services to purchase in online shops.

Online buyers can select the in-store delivery button of many online shops. Then the buyer visits the local merchant outlet, pays cash or with a card, and then picks up the purchase in-store.

For cash payments, the buyer selects a ‘Pay Cash’ button on the payment page of the online shop and gets a voucher code (formats: alphanumeric, 1D bar code, or 2D QR code). Using the voucher code, the buyer then pays cash or with card at participating merchant outlets or at dedicated so-called ‘pay-stations’.

The respective payment service provider confirms the payment to the merchant and pays the merchant. Based on the payment confirmation, the merchant delivers purchased goods or sends download links for digital goods and services.

Cash-advance Services on Cards 

In Europe, the dominant role of ATMs for cash withdrawal services may decline. In addition to higher us of payment cards, digital cash-advances on cards and mobile cash handling services are offered in Europe.

In competition with traditional banks, digital challenger banks partner with FinTech processors to enable cash-advances for their cardholders at POS terminals in retail outlets.

Consumers can get cash up to the limit on top of their purchase paid with a card without incurring fees, and they are able to do this several times per day.

Participating retailers were granted a waiver for supporting cash-advance services as non-banks by the national financial service authority, which also sets the domestic cash-advance limit in the country.

For example, German consumers can get cash up to €200 at more than 11,000 retail outlets on top of their purchase. Prerequisite is that the purchase amount of goods is higher than €0.01 (usually €5, €10, or €20), and it shall be paid by using a valid card with payment function.

Instead of using their own ATMs, consumers make use of the digital payment infrastructure of FinTechs established in retail locations or at cash collection offices. In practice, the combination of cash-advance services at POS terminals with cash payment services for online buyers, bill payments, and cash deposit all at the same retail outlet, is a new type of payment business model in Europe making use of the Open Banking mandate.

Messenger Pays 

More and more consumers chat with businesses through messenger apps like Facebook Messenger, WhatsApp, Talk and WeChat. In addition, consumers may demand to use added payment functions like WeChat Pay, Alipay, and Google Pay. For example, the Chinese WeChat Pay enables payments via 1D-barcode initiated Quick Pay, QR-code payments, and in-app payments.

Digital Banking Payments in-store 

Many mobile banking apps combine with payment functions such as digital card wallets or card-less IBAN-based payments directly from the account. In other words, digital banking comes to retailer outlets in-store. Bridging technologies include 1D-barcodes, QR-codes, and NFC. It is noted that strong customer authentication such as mobile TANs remains part of the digital banking service.

Invisible Payments 

Two of the most cited examples have removed the checkout and payment experience altogether, one-click checkouts with automatic invisible payments.

At the end of an Uber journey, the passenger just gets out of the cab. There is no checkout and payments happen in the background.

Similarly, at the Amazon Go store in Seattle, customers choose the items they want from the shelves. When they have finished, they leave. Amazon charges their online accounts and sends a receipt. Amazon Dash button is a similar Click & Collect button with added invisible payment.

Spanish banking group BBVA trials a facial recognition system at its inhouse cafeteria that is capable of recognising users and their orders and charging their cards as part of a strategy to render checkouts and payments ‘invisible’. The order-ahead app enables users to order a coffee, pick it up without waiting in line and pay for it without their wallets. Designed in conjunction with BBVA’s restaurant partner, Sodexo, the app additionally allows users to split the bill with fellow diners and incorporates loyalty points and discounts.

Conversational Commerce Payments 

Conversational commerce refers to the intersection of digital assistants and consumers while shopping. Meaning, the trend toward interacting with online shops through digital assistants like Amazon’s Alexa, Apple’s Siri, Google Assistant, and Microsoft’s Cortana.

In addition, consumers may configure their invisible payment means individually in the digital assistant app. The conversational verbal purchase process example could be “Alexa, buy me a peperoni pizza” with invisible payment and immediate home delivery.

In-Car Payments  

In-car payment is a new trend on the Internet of Things world (IoT). The car industry invests in internet connectivity of cars. This enables drivers to purchase in-car from online shops and pay in-car. In-car payments can be Click & Collect payments, invisible payments, or conversational commerce payments.

2.10 Outlook – Digital Card Payment Platforms

Online technologies, mobile devices and new consumer demands are rapidly transforming the payments industry. They provide the payments industry with new opportunities to generate bases of differentiation, gain customer loyalty and win market share. To succeed in a rapidly changing environment, the payments industry needs to invest in digital payment service innovation.

Global digital commerce is seeing exponential growth and European merchants are increasingly looking to take advantage of cross-border initiatives to increase revenue growth along with providing more service options for their customer base.

Today, the payment platforms of card acquirers and card processors are usually connected to the card payment ecosystem and process contactless cards and digital card form factors. Only in the online shopping world do acquirers and processors support merchants accepting card-less payment services. And they are not connected to the Open banking payment ecosystem – so far.

One significant impact of the Open Banking payment ecosystem is the emergence of mobile banking apps combined with payments directly from the account. In addition, payment initiation service providers (PISPs) and account information service providers (AISPs) are going to be potential new business partners for card acquirers, card processors, and European merchants.

With omnichannel payment strategies in mind, building a new kind of digital payment platform is a fundamental opportunity for the card payments industry, especially for card acquirers and card processors.

The challenge for the payments industry is to transform existing payment solutions by channel into omnichannel digital payment service platforms that combine omnichannel payment acceptance requirements of modern merchants with both the card payment ecosystem and the Open Banking payment ecosystem.

The challenge and opportunity for card acquirers and card processors is to develop a new kind of digital payment platform that interacts with any relevant payment ecosystem:

Key drivers for a digital payment platform include financials, compliance, easy adoption of payment innovation, flexible omnichannel payments processing and checkout configuration, security standards such as tokenisation security, transparent reconciliation of payments and a frictionless payment user experience.

Among others, the benefits of a digital payment platform for card acquirers and card processors include:

2.11 Addendum – M&A Activity among Payment Processors 

Since 2003, M&A activities have tended to concentrate and commercialise the interbank companies, with e.g. Interpay forming Equens and Atos Origin buying Banksys from the Belgian banks (see Netherlands and Belgium profiles for more details).

M&A activity among bank-owned processors has increased as processing services and scheme governance functions have been split. Several processors have been sold to specialist outsourcing companies such as card processor First Data, which has spent a total of $1.2 billion on buying up European processing businesses, since 1991. Processors such as SIX and Equens (until September 2016), however, have remained European interbank organisations after mergers to achieve economies of scale.

Another trend is towards mergers between card processors and CSM processors (clearing & settlement mechanism processors, previously called automated clearinghouses). Examples are the formation of Equens through the merger of Interpay of the Netherlands and Germany’s Transaktionsinstitut; Voca and LINK in the UK; and SIA and SSB in Italy. The strategic objective behind these consolidations is to offer full cashless payment transaction services based on volume scaling effects.

A more recent trend and consolidation direction is the reunification of processing units and acquirer units. Many of the card processors and online payment service processors (PSPs) have applied for acquirer licences, they bought acquirer units, or they have formed acquirer joint ventures together with European banks.

The latest trend is the combination of card processing services with bank payment services based on SCT/SDD formats and with clearing & settlement services of CSM mechanism hubs.

Table 2.11 summarises the main M&A activity among Europe’s domestic processors, since 2003. More information is provided in the individual country profiles, respectively.

Table 2.11 – M&A Activity Among Europe’s Domestic Processors
Country Date Company Comment
Pan-European/Global 01/26 FIS + Global Payments (US) + Worldpay FIS acquired Global Payments (US). Global Payments (US) acquired Worldpay
Pan-European/Global 10/22 Global Payments (US) acquired EVO Payments (US) US deal provides one of the largest US players with improved presence in Western Europe.
Italy 11/20 NEXI (I) + NETS (DK) Nexi (I) and NETS Group (DK) signed a binding framework agreement for an all-share merger.
Italy 10/20 NEXI + SIA Nexi (I) and SIA (I) signed a binding MoU for a strategic combination.
France 10/20 Worldline + Ingenico Worldline (F) acquired Ingenico group (F).
Pan-European/Global 07/19 FIS (US) acquired WorldPay/Vantiv (US) US deal creates one of the world’s largest payment services companies with a significant presence in Central and Western Europe.
Pan-European/Global 07/19 FiServ (US) acquired First Data (US) US Deal provides one of the largest US players with improved presence in Western Europe.
Pan-European/Global 07/19 Global Payments (US) acquired TSYS (US) US Deal provides one of the largest US players with improved presence in Europe.
Germany/Austria/
Switzerland		 01/19 PAYONE Joint venture of Ingenico Group (F) and DSV Group (D), includes B+S Card Services, Payone, and Ingenico Payment Services DACH region
Switzerland 11/18 SIX/Worldline SIX Group (CH) completed the sale of its payment services division to Worldline for a 26.88% stake in Worldline.
Denmark/Germany 06/18 NETS + Concardis NETS Group (DK) and the Concardis Payment Group (D/I) agreed their merger.
Italy/SEE region 05/18 First Data Central and Southeast Europe SIA acquired First Data’s card processing businesses in the SEE region: Greece, Croatia, Czechia, Hungary, Romania, Serbia and Slovakia
France/Switzerland 05/18 SIX Payment Services Worldline (F) acquired SIX Payment Services S.A from Swiss SIX Group (CH)
Germany/Italy 12/17 Mercury Processing International (MPSI) Concardis Payment Group (D) acquired Mercury Processing International (I/HR)
France/Baltic region 07/17 First Data Baltics Worldline (F) acquired First data Baltics in the Lithuanian, Latvian and Estonian markets
France/Sweden 06/17 Digital River Worldline (B) acquired the PSP Digital River World Payments (DRWP)
France/Sweden 02/17 Bambora Ingenico Group (F) acquired Bambora (S), acquirer and PSP active in the Nordic region
Germany 07/17 NSP unit VÖB-ZVD SIX Payment Services (CH) acquired German NSP processor unit from VÖB-ZVD
Italy 05/16 SETEFI + IntesaSanpaoloCard IntesaSanPaolo Group sold its payments service units SETEFI and IntesaSanPaoloCard to private equity investors Advent International, Bain Capital and Clessidra (I) through new owner Mercury.
Italy 06/15 Nexi Group
(ICBPI)		 Private equity investors Advent International, Bain Capital and Clessidra (I) bought a 92% majority stake in ICBPI from Banco Popolare Group for €2.15 billion. ICBPI and CartaSi became rebranded as Nexi Group.
United Kingdom 04/16 VocaLink owned by Mastercard Mastercard (US) signed an agreement to buy VocaLink (UK) for £700 million, excluding the LINK ATM scheme kept by the UK banks.
France/Belgium/

Netherlands/Germany

 11/15 Worldline + Equens Worldline and Equens announced to merge their processing units in the countries F, B, NL, L, D to build the enlarged processor EquensWorldline in Oct. 2016
Germany 11/15 InterCard VeriFone (US) acquired German NSP InterCard
France/Belgium/

Spain/Germany

 06/14 Ingenico Axis+ ogone + easycash + Tunz + others Ingenico Payment Services (F) built out of Ingenico-owned business units, including PSP ogone (B), EMI Tunz, and acquirer easycash (D)
Denmark/Norway/

Finland

 03/14 NETS Nordic processor NETS, including acquirer Teller, sold by Nordic banks to private equity investors Advent, ATP and Bain Capital. In 2018, NETS is owned by the PE investor groups Hellman & Friedman, Advent Intern. And Bain Capital.
Italy 12/13 SIA Bank owners of SIA agreed to sell a 59.3% stake in the venture to private equity investors.
France/Belgium/

Germany

 07/13 Worldline Atos Worldline rebranded as Worldline;
Atos has retained a 70.34% stake in Worldline and sold 29.66% to investors by IPO in June 2014.
Belgium/Italy 04/13 SIA/SiNSYS SIA completed integration of SiNSYS
France/Belgium 03/13 Ingenico/Ogone Ingenico acquired PSP Ogone from PE investor
Germany 11/12 EVO Payments Internat. (DeuCS) US Processor EVO Payments International acquired 100% of DeuCS from Deutsche Bank
Belgium/Italy 09/12 SiNSYS Atos sold its 49% stake in JV SiNSYS to SIA (I). SIA absorbed SiNSYS in 2013.
Denmark/Finland 08/12 NETS/Luottokunta Luottokunta acquired by NETS
Sweden/France 11/11 VeriFone/Point +
Point Paybox		 VeriFone acquired 100% of Point, Northern Europe’s largest POS payment gateway provider, and the PSP Point Paybox France.
Switzerland 09/11 SIX Group Merger of SIX MultiPay and SIX processing units,

rebranded as SIX Payment Services
Spain 04/11 RedSýs Merger of Sermepa and Redes y Procesos
Germany 10/10 Montrada Equens acquired Montada from Commerzbank
Denmark/Norway 01/10 PBS-Nordito Full merger to form Nordic processor NETS
France/Germany 09/09 Ingenico/Easycash Ingenico acquired Easycash from PE investor
Austria 05/09 First Data Austria former APSS sold by First Data to SIX card Solutions (absorbed in SIX by end-2011)
Switzerland/Luxemb. 01/09 SIX/CETREL SIX acquired 50% of CETREL; ISS processor hub
Italy 07/08 Seceti ICBPI merged Seteci/Key Client 🡪 Equens Italia
Estonia 06/08 PKK Purchased by NETS
Poland 04/07 Polcard Purchased by First Data
UK 03/07 VOCALINK Merger of Voca and Link to form VocaLink
Sweden/Norway 02/07 EDB-CEKAB EDB purchase of CEKAB; renamed EVRY in 2012
Denmark/Norway 01/07 PBS-BBS In 2010, complete merger to form NETS
Italy 10/06 SIA Merger of CSM processor SIA and card processor SSB; SIA-SSB rebranded as SIA in May 2011
Italy/Hungary 10/06 GBC GBC purchased by SIA, now SIA Central Europe
Germany 06/06 GZS GZS processing unit acquired by First Data
Belgium 05/06 Banksys, BCC Purchased by Atos Origin
Germany/Holland 02/06 TAI-Interpay Cross-border ACH merger forming Equens
Austria 11/05 APSS First Data acquired APSS 🡪 First Data Austria
Baltic/Slovakia 07/05 EuroProcessing Purchased by First Data
Greece 07/04 Delta Singular Purchased by First Data
Czechia 12/03 ISC Muzo Purchased by Global Payments
Various 09/03 SiNSYS Joint Venture formed by SSB, Banksys, Interpay
Germany 02/03 TeleCash Purchased by First Data
UK 09/91 JCCC/Signet Purchased by First Data, first FDI step into Europe
Note: Table 2.1 does not include M&A activities among card acquirers and no recent acquirer joint ventures with banks.
Source: company reports, Yearbooks research.

2.12 Addendum – Transformation of former Interbank Organisations

Historically, in many countries of Western Europe, the domestic banks have implemented domestic card schemes, have used the interbank organisation co-operation model to develop their domestic card markets, and thus, have shared the cost of investing in card schemes, ATM/POS networks and card infrastructure.

With the advent of SEPA requirements, the Euro system and the demands of the European Commission to deregulate the domestic card markets, the role of interbank organisations has changed.

By end-2019, the European banks had divested from most of their former interbank organisations.

Table 2.12 summarises the transformation of the domestic interbank organisations as of end-2025, with more information provided in the individual country profiles, respectively.

Table 2.12 – Interbank Payment Organisations by Country
Country Organisation Historical role and functions – end–2025
Austria SIX Payment Services Austria 

(PayLife Bank, Europay Austria)

 • Was Europay licensee in Austria, has VISA licence since 2007

• Issuer of credit cards, acquirer for all cards in Austria,
runs own POS network, manages Quick e-purse system

• In 2013, the Austrian banks sold PayLife to SIX Group (CH)

• In 2015, PayLife rebranded as SIX Payment Services Austria.

• In 2018, Worldline (F) acquired SIX Payment Services Austria.
card complete Service Bank
(VISA Austria)		 • Holder of Austrian VISA acquiring and issuing licence;

Mastercard licence since 2007

• Issuer and Acquirer for all cards in Austria

• Austrian banks, as partner banks, issue VISA cards
Payment Services Austria (PSA)  • PSA carved out from PayLife Bank in July 2012

• PSA oversees the domestic Bankomat ATMs and the
domestic Maestro debit system, PSA is no acquirer
Belgium Worldline (Banksys) • Formerly interbank-owned Banksys is owned by Atos

• Operator of the Bancontact ATM and POS network
and one of the acquirers of the Bancontact scheme (formerly BC/MC).

• Software and hardware manufacturer/exporter,
including POS terminals (XENTA) and switching systems

• Sold its 49% stake in JV SinSYS, the card processor, to Italian SIA

• Note: Worldline Belgium is no longer an interbank organisation
Worldline (BCC) • Formerly interbank-owned credit card organisation BCC is owned
by Atos (excluding BCC corporate cards)• Acquires Mastercard and VISA cards in Belgium• Manages credit card issuer services for Belgian banks

• Note: Worldline Belgium is no longer an interbank organisation
Bancontact Company • Established in 2011 as an interbank scheme organisation

• Responsible for the Belgian Bancontact scheme (BC/MC)

• Bancontact Company undertakes no issuing or acquiring
• 2016: the BC/MC card brand became rebranded as Bancontact
• In 2018, Bancontact merged with payment app company Payconiq.
Denmark NETS
(PBS)		 • Merging of PBS with Nordito of Norway to form NETS

• Oversees the domestic Dankort payments infrastructure

• Acquiring of international card transactions is now the
responsibility of Teller (which absorbed PBS International)

• Developed e-Purse DANMØNT; responsible for EMV migration

• In 2014, Nordic banks sold NETS Group to private equity investors

• Note: NETS Group is no longer an interbank organisation
Finland Automatia • Interbank company owned by the largest Finnish banks
(Nordea, Pohjola Bank, Sampo)• Operator of the nationwide ‘Otto’ ATM network
NETS Oy
(Luottokunta)		 • Finnish issuer and acquirer, had been jointly owned by the Finnish
merchants and banks; sold to NETS in August 2012• Major VISA operator in Finland; also issues Business Eurocard
cards and acquires EC-MC through Eurocard Oy• In 2014, Nordic banks sold NETS Group to private equity investors

• Note: NETS Oy is no longer an interbank organisation
France Groupement des Cartes Bancaires (GCB) • Oversees the domestic “CB” POS/ATM network and brand
and gateways to international schemes• Responsible for co-ordinating the regulations, procedures
and specifications for the “CB” card system• GCB undertakes no issuing, no acquiring and no clearing
France STET (SER2S) • SER2S manages the e-RSB authorisation ATM/POS network.

• In December 2015, STET absorbed SERS2. The objective of the
French banks is to create a French champion in European
interbank processing
Germany First Data
(GZS)		 • First Data (now: Fiserv) owns GZS, the previous the processing arm
of the original GZS which retained the GZS name when acquiring
and processing were separated in 1997
• Note: First Data Germany is no longer an interbank organisation 
Concardis • Largest German acquirer, servicing merchants, previously the
responsibility of EURO Kartensysteme
• In 2017, the German banks sold ConCardis to private equity
investors Advent International and Bain Capital.
• In 2018, Concardis Payment Group merged with NETS Group.
EURO
Kartensysteme		 • Issues Mastercard cards on behalf of small banks
• Holds principal member licence Mastercard in Germany
• Responsible for GeldKarte/girogo/girocard brand marketing
GBIC – German Banking Industry Committee • Zentraler Kreditausschuss (ZKA) rebranded as GBIC in 2011
• Owns and acquires the domestic girocard/GeldKarte schemes
• Responsible for GeldKarte/girogo/girocard brand marketing
Ireland IPSO – Irish Payment Services Organisation  • The representative strategic and technical support body
for the Irish payments industry.• Five autonomous payment system companies operate
under IPSO, including former Laser Card Services• Coordinated EMV implementation and National Payments Plan
IPSO (LaserCard) • Domestic POS Irish debit scheme and brand (until end-02/14),
planned replacement by VISA Debit and Mastercard Debit• Undertakes no issuing or acquiring• The LaserCard unit was shut down and absorbed by IPSO
Italy SIA  • SSB, the national card and payments processor,
merged with SIA in 2007 to form SIA-SSB, rebranded as SIA• Acquirer and issuer processing services• Processing for PagoBancomat ATM/debit scheme

• Assumed responsibility for Servizi Interbancari processing

• Absorbed card processor SiNSYS (100% since mid-2012)

• At-end 2013, Italian banks transferred a 59.3% stake in SIA to
investors, but retained control
NEXI Group
(ICBPI) 		 • Historically the central body of the banche popolari

• Purchased domestic credit card scheme CartaSi in 2009
(CartaSi cards, co-branded with either Mastercard or VISA).

• Merger of Seceti and processor Key Client Cards & Solutions
in 2009 and then transformed to Equens Italia

• In June 2015, ICBPI was sold to private equity investors Advent,
Bain Capital, and Clessidra (I) for €2.15 billion.

• In 2017, ICBPI and CartaSi became rebranded as NEXI.
Luxembourg SIX Payment Services Luxembourg,
(CETREL)		 • SIX Payment Services (CH) acquired 50% of CETREL in 2009
and took full control in April 2014.• POS and ATM operator, leading card processor and acquirer,• Provider of issuer services to Luxembourgish banks

• Until end-2011: responsible for the Bancontact & miniCash systems

• In Oct. 2015, CETREL was absorbed by SIX Payment Services.

• In 2018, Worldline (F) acquired SIX Payment Services.
Netherlands equensWorldline (Equens, Interpay) • Interpay divested non-processing activities and merged
with Transaktionsinstitut in 2006 as Equens• Now a major cross-border processor with an estimated
15% share of electronic payments in the Euro zone• Owns acquirers Equens S.p.A. (I), owned PaySquare (NL + D)

• In November 2015, Equens sold PaySquare to Worldline (B)

• In October 2016, Equens merged with processing units of
Worldline in F, D, B, NL and L to build equensWorldline.

• Note: From 2016, Equens is no longer an interbank organisation 
Betaalvereniging Nederland • Dutch Payment Association, open to market players

• Objective: to organise collective tasks for members in relation to
the underlying infrastructure of the payment system.
Geldmaat • Formed in 2019 and jointly owned by Dutch banks
to upgrade and manage the Dutch shared ATM network.
Currence • Split from Interpay in 2005

• Responsible for Dutch payment products iDEAL (online SCT),
and Acceptgiro (giro collection form based on SCT)
• From 2005 to end-2011: responsible for Dutch PIN debit scheme 

• From 2005 to end-2014: responsible for Dutch e-Purse Chipknip
Norway NETS
(BBS)		 • BBS was part of Nordito which merged with PBS to form NETS

• Acquiring of international card transactions is now the
responsibility of Teller (absorbed PBS International)

• Oversees domestic ‘BankAxept’ debit card network

• In 2014, Nordic banks sold NETS Group to private equity investors

• Note: NETS is no longer an interbank organisation
Norway Teller • Part of NETS Group; major NORDIC acquirer, absorbed Danish PBSI

• In 2014, Nordic banks sold NETS Group to private equity investors.

• Note: Teller is no longer an interbank organisation
Portugal SIBS • Manages the Multibanco ATM and POS network

• Automated clearing house for other payments
Spain Euro 6000 • Domestic scheme and processor for many of the
medium-sized and smaller savings banks
• In 2018, the three Spanish domestic card schemes merged.
ServiRed • Group of 100 savings and commercial banks

• Domestic ServiRed scheme, provider, issuer and acquirer,
• Processor Sermepa merged with processing unit of Sistema 4B
• In 2018, the three Spanish domestic card schemes merged.
Sistema 4B • Commercial bank grouping responsible for 4B brand

• Domestic 4B scheme, provider, issuer and acquirer
processing services; VISA and Mastercard licence company
• In 2018, the three Spanish domestic card schemes merged.
SistemaPay • Commercial bank grouping responsible for SistemaPay brand

• Domestic SistemaPay scheme, provider, issuer and acquirer
processing services; VISA and Mastercard licence company
• In 2018: absorbed Euro 6000, ServiRed and Sistema 4B
Sweden EVRY
(EDB-CEKAB)		 • Formerly interbank-owned domestic processing
company CEKAB, now owned by EDB Ergo Group• Rebranded as EVRY in 2012; 2019: part of TietoEVRY
BDB Bankernas • Formed in 2010 and jointly owned by Swedish banks
to upgrade and manage the Swedish shared ATM network.
Switzerland SIX Group  • In 2018, new Swiss interbank association:

• with responsibility for the Swiss Bancomat ATM network and

• SIX SIC Swiss Interbank Clearing.
Worldline SIX Payment Services  • Previously Telekurs; Swiss interbank payment clearing
organisation; by end-2011 merger of all payment service units:• SIX Multipay, formerly an issuer and acquirer, now acquirer• SIX Card Solutions, formerly Payserv Ltd: domestic card processor
with responsibility for the Swiss Bancomat and EFTPOS networks.

• SIX SIC Swiss Interbank Clearing.

• In 2018, Worldline (F) acquired SIX Payment Services.
Aduno • Owners: smaller Swiss banks; was second-largest Swiss acquirer.

• Owns Viseca, one of Switzerland’s major credit card issuers.
• In 2017, SIX Payment Services acquired the Aduno acquirer unit.
Turkey BKM • Domestic switch/processor for card payments

• Undertakes no issuing or acquiring

• Responsible for EMV implementation in Turkey
UK UK Finance (Payments UK) • Interbank organisation, responsible for payments industry policy

• UK Finance has no operational role in UK card payments but absorbed other UK payment associations and the BBA in 2018
Payment System Regulator (PSR) • From 2015: new regulator in the UK whose chief remit is
to inject more competition into the country’s payments industry• No operational role in card payments
Pay.UK • In 2017, Pay.UK, the New Payment system Operator, operates
the domestic UK payment schemes BACS, Cheque and Credit Clearing,
and Faster Payments
LINK • In April 2016, LINK ATM scheme carved out of VocaLink

prior to the sale of VocaLink to Mastercard (US).
VocaLINK • LINK merged with Voca to form VocaLINK

• Originally smaller bank and mortgage bank ATM scheme/brand,
has evolved into national ATM switch and network

• In April 2016, LINK ATM scheme carved out of VocaLink

• In May 2016, Mastercard (US) bought VocaLink from the UK banks,
excluding the LINK ATM scheme.
Note: coloured cells in the organisations name column indicate that this organisation is still an interbank organisation.

Source: Interbank organisations, Yearbooks research.

2.13 Bank Service Providers in CEE and the Baltic States 

Historically, in most countries of Eastern Europe there were only a few domestic schemes. Therefore, domestic interbank processors were established by the state-owned domestic banks to share the cost of investing into ATM/POS networks and card infrastructure.

Following the transformation of the state-owned economies and the alignment of the financial services industry, many domestic banks in eastern Europe were acquired by European bank groups. Further, the former interbank processors were sold to international processors in order to meet the requirements of the European Union by applying an exit strategy.

Table 2.13 summarises the status of the bank service providers in the CEE region and the Baltic states as of mid-2025, with more information provided in the individual country profiles.

Table 2.13 – Bank Service Providers in CEE and the Baltic States
Country Historic Name New Name and Ownership
Bulgaria BORICA BORICA-Bankservice AD
– owned by central bank BNB and Bulgarian banks
Croatia MBU Erste Group Card Processor (EGCP)
– since 2012 owned by Erste Bank Group (A)
Croatia Intesa Sanpaolo Card Mercury Processing Services International (2018: NETS Group).
since 2021, ISD is part of Nexi Group.
Czechia MUZO Global Payments Europe (GPE)
– since 2003 owned by Global Payments Inc. (US)
Estonia Pankade Kaardikeskus (PKK) NETS Estonia
– owned by NETS (DK). Since 2021, PKK is part of Nexi Group.
Hungary GIRO Bankcard Centre (GBC) SIA Central Europe – acquired by SSB (now SIA) in late 2006.
Since 2021, SIA Europe is part of Nexi Group.
Hungary Euronet Euronet – owned by Euronet Worldwide Inc. (US)
Latvia BankServiss First Data Latvia – 2017: acquired by Worldline (F),
now: rebranded as Worldline Latvia
Lithuania MKS First Data Lithuania – 2017: acquired by Worldline (F),
now: rebranded as Worldline Lithuania
Poland PolCard First Data Polska – since 2007 owned by First Data (US).
Since 2021, PolCard is part of Fiserv Group.
Romania 19 small local processors TRANSFOND (interbank company), Euronet Romania (Paynet),
Romcard, Provus, others
Russia Union Card/STB Union Card/STB – acquired by Global Payments (GPE);
Zolotaya Korona.
Serbia DinaCard DinaCard National Payment Card Centre
– owned by the National Bank of Serbia
Slovakia Transacty First Data Slovakia – 2018: owned by SIA Group (I)
Since 2021, it is owned by Nexi Group.
Slovenia Bankart, Activa Bankart; Activa – both owned by domestic banks
Source: Company Reports, PCM research.
Digital & Card Payment Yearbooks