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Second challenger to Visa, Mastercard dominance gets EU Commission backing

By Jack Schickler ( June 17, 2021, 12:23 GMT | Insight) -- An EU payments initiative set up to rival Visa and Mastercard is itself already facing competition from fintech companies — which have also won backing from the European Commission. Fintech companies could battle with banks in offering a homegrown payments system, a commission official has suggested as the executive seeks to address the low takeup and high costs of instant bank transfers.An EU payments initiative set up by leading eurozone banks to rival Visa and Mastercard is itself already facing competition from fintech companies — which have also won backing from the European Commission....

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