The business press is discussing the news of the attempt of the European financial system to get their own payment system. Although it was not acknowledged publicly, however, the Agency “France-Presse” with reference to its sources in the industry reported on the implementation of the plan PEPSI — Pan-European Payment System Initiative (“pan-European payment system”). It is attended by about two dozen leading banks in the European Union, including Deutche Bank.
This step is presented first and foremost political. Currently world market leaders are American Visa (3.4 billion cards accepted at 53.9 million outlets in 200 countries, the total turnover of 8.3 trillion by March 2019) and MasterCard (1.8 billion cards, 210 countries, the total turnover of 5.3 trillion dollars). However, since the beginning of the second decade of the current century, both of them beat the Chinese Union Pay system, which has taken at the end of 2018 53,07% of the world market, while the share of Visa of 28.95%, and the proportion of MasterCard — 15,35%.
However, the Chinese work mainly in Asia, where their share even more, and sometimes even dominates, while Americans technically are everywhere, but to the greatest degree focused on the American and European continents.
In particular, in Europe, of the 2.9 trillion Euro payments via credit cards, 53.7% of all transactions carried out using Visa of 38.7% through MasterCard, 2,1% — through American Express, and 3.9% through map retailers, to 0.3% after Disciver. On the local European payment system accounts for only 1.3%.
It is believed that thus, the United States shall exercise financial control over Europe, since the base currency of the Visa is the U.S. dollar, which involves a double conversion of any translation, first from the Euro (or any other currency payer) in the base currency and the currency of the seller.
MasterCard are better as the base currency are considered as the dollar and the Euro, but in fact the greatest part of the transfer still goes “in terms of the scheme”. As a result, American banks, and hence their state, have the ability to control all the payments in Europe. Therefore, if the EU wants to gain real financial independence, he was bleeding from the nose needs its own payments system. Otherwise it will be only idle chatter. It is in theory.
Whereas in practice, the main motive is still money. Card business is now one of the most profitable. If the average profit of the top 500 stock market USA does not exceed 7%, the payment systems, it fluctuates at a mark of 42%. This means that the same Visa, with the proceeds going to October 2019 22 billion dollars, will receive as a result of more than 9 billion profit, a third of them in Europe. Given the size of the shares of the company there, the total card market, the EU can be considered equal to 5.6−5.8 billion dollars a year. Of it European banks get only 72 million dollars, which seems a mere cents.
Is it any wonder the desire of the banking community in the EU this market to redistribute in their favor? It existed before, but until 2006-2008, the cards in Europe, the popularity had no remaining membership, only a small fraction of the middle class who often visited the United States.
But as exhausting the capacity of the domestic market, Visa and MasterCard have sharply stepped up its expansion in the EU, there is quickly capturing the dominant share. Including with the use of administrative resource in the form of non-public influence of the United States in the financial community of the collective West.
Europe didn’t like it, but to resist in those conditions she did not have the opportunity. However, European banks had a strong incentive and a strong chance.
Washington intensifies trade war, limiting access of European businesses to its domestic market, as well as using the threat of sanctions pushes Europeans from Russia, Asia and the Middle East. The number of income areas too greatly reduced, so you calmly watch as the Americans take from under the nose of nearly $ 6 billion annually.
Early to take decisive action Brussels feared because of the risk to bring back the displeasure and penalties of Washington. But now America is already waging war with Europe, and that was just too much nothing to lose. Especially against the background of the coming crisis, such money will be not superfluous.