The ECB has long discussed an alternative scheme akin to Visa and Mastercard. Albeit, while regulated, the Mir network in Russia has begun to implement this scheme.
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Mir breaks Visa-Mastercard duopoly in Russia
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According to GlobalData, as of 2020, 74.6 million debit cards have been issued by Mir, representing 28.62% of all debit cards in circulation. Mir’s market share is now 25.3% in terms of transaction value. Chris Dinga, payments analyst, GlobalData, says: “Governments can introduce payment schemes and take over the domestic transaction landscape by driving adoption via mandates and regulation. Indeed, this could be the model the European Commission follows when it launches its own payment scheme".
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