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Seven providers of mobile payment services owned in large part by European banks are building a pan-European network, as they seek to counter the growing competition from fintechs and global technology giants like Apple Inc.
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“The rapid growth in mobile payments will lead to an increasing user demand of being able to pay everywhere in Europe with your mobile payment solution, leaving cards and physical wallets behind,” MobilePay chief executive officer Mark Wraa-Hansen said in a statement. “We will see more mobile payment systems joining in the time to come.” The European Mobile Payment System Association is based in Zurich, and its members have more than 350 partner banks using their networks.
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