Operating area | Single Euro Payments Area |
---|---|
Members | 20 major European banks |
Founded | 2020 |
Website | www |
The European Payments Initiative (EPI), previously known as the Pan-European Payments System Initiative (PEPSI),[1] is a European Central Bank-backed payment-integration initiative aiming to create a pan-European payment system and interbank network to rival Mastercard and Visa, and eventually replace national European payment schemes such as France's Carte Bancaire and Germany's Girocard.[2]
It is supported by the European Commission, and currently comprises fourteen major European banks and two acquirers (including all the major French banks, Deutsche Bank in Germany.)[3]
It got off to a rocky start last summer when US soft drinks group PepsiCo objected to its proposed name: The Pan-European Payment System Initiative, or, PEPSI.