The pandemic has further accelerated this trend.3 In facing these developments, Europe is not optimally positioned, not least because of the “waitand-see” attitude that has in some cases prevailed in the past.
This has made Europe overly dependent on a few foreign providers for card and online payments, resulting in a high degree of market concentration.4  European To increase choice, resilience and competitiveness, the European payments ecosystem must proactively stimulate competition, including by developing innovative, Europe-grown payment solutions and technologies.