The European Payment Alliance is initiating the transition to instant cross-border payments among the mobile transfer services Bancomat, Bizum, MB Way, and Iberia’s Sibs. This development will allow users in Italy, Portugal, Spain, and Andorra to send and receive money instantly using mobile phone numbers.
EuroPA facilitates interoperability among Italy’s Bancomat, Spain’s Bizum, and Portugal’s MB WAY, thereby connecting over 50 million users and 186 financial institutions across the four regions. These mobile payment solutions are the market leaders in their respective countries, collectively handling more than 2 billion payments in 2024 and accounting for over 65% of total instant payments in these nations.
All participating banks from Italy, Portugal, Spain, and Andorra are expected to be connected by June. Similar to the European Payments Initiative, EuroPA aims to establish a euro-centric payment system that seeks to diminish the influence of US card brands.
The scope of this alliance is anticipated to expand, incorporating additional use cases and potentially covering more countries, both within and outside the eurozone.