A coalition of Europe’s leading mobile payment providers—Bancomat (Italy), Bizum (Spain), MB WAY (Portugal), and SIBS (Iberia)—has begun rolling out instant cross-border transfers between their networks, allowing users to send money to mobile phone numbers across Italy, Spain, Portugal, and Andorra in real time. The initiative, spearheaded by the European Payment Alliance (EuroPA), connects over 50 million users and 186 financial institutions, marking a significant step toward reducing reliance on U.S.-dominated payment networks like Visa and Mastercard.
Key Details
- Full interoperability expected by June 2024, enabling instant transfers between all participating banks
- Combined network processed 2+ billion payments in 2024, representing 65%+ of instant payments in the four countries
- EuroPA aims to expand to more euro and non-euro zone countries in the future
- Part of broader European efforts (like the European Payments Initiative) to create a homegrown alternative to global card schemes
The move addresses long-standing fragmentation in European mobile payments, where domestic solutions like Bizum (Spain) and Bancomat Pay (Italy) have thrived but lacked cross-border functionality. EuroPA’s model mirrors Sweden’s Swish and Netherlands’ iDEAL, which dominate local markets but remain nationally siloed.
Industry analysts suggest this could pressure Apple Pay and Google Wallet to improve European interoperability while reducing transaction costs for consumers and businesses. The European Commission has welcomed the development as aligning with its 2025 vision for pan-European payment autonomy.