Sixteen banks from Germany, France and three other euro zone countries on Thursday said a 'truly European' payments system was expected to be up and running in 2022 to fully digitalise a region where half of all retail payments are still in cash.
). But this has not happened even though real-time payments have been possible in the euro zone since 2017.
“It is aimed at strengthening Europe, at making it more independent and robust,” said Thierry Laborde, deputy chief operating officer of French bank BNP Paribas , which is part of the project. The ECB had said last year that dependence on non-European players for two-thirds of non-cash payments created a risk that the payments market would not be fit to support the EU single market and euro.
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