EU banks to expand instant payments to compete with Facebook’s Libra

EU banks to expand instant payments to compete with Facebook’s Libra

Why Facebook’s Libra Cryptocurrency Is In Trouble

EU banks to expand instant payments to compete with Facebook's Libra

European Union Banks Accelerate Instant Payment Integration To Stay Competitive Amid Launch Of Facebook Libra Cryptocurrency.

EU residents have had access to real-time payments since 2017, but this initiative has so far been supported only 60% of banks. Therefore, Etienne Gousset, CEO of the European Council of Payment Systems, noted that the approaching launch date of Libra and increased competition in the market will stimulate banks to develop faster..

He said that the global solutions of large companies have an advantage over the fragmented financial system and offer products that are attractive to consumers, so there is no time left for the buildup..

By the end of 2020, all banks in the eurozone are slated to support the new system. However, access to instant payments alone may not be enough to prevent the loss of customers as a result of their migration to fintech initiatives that only require the user to install an easy-to-use one. mobile application.

Some banks not ready to watch from the outside the implementation of progressive solutions by tech giants and develop their own digital assets. One example is JPMorgan Chase, which  will start testing its cryptocurrency by the end of 2019.

text: Ivan Malichenko, photo: daserste

EU banks to expand instant payments to compete with Facebook's Libra