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The European Payment Alliance (EuroPA) has initiated a major shift towards instant cross-border payments by integrating mobile transfer schemes such as Italy’s Bancomat, Spain’s Bizum, Portugal’s MB WAY, and Iberia’s Sibs. This development allows users across Italy, Portugal, Spain, and Andorra to send and receive money instantly using mobile phone numbers.
By fostering interoperability between these national payment platforms, EuroPA connects over 50 million users and 186 financial institutions within the region. These mobile payment solutions have gained dominance in their respective countries, collectively facilitating over 2 billion transactions in 2024 and capturing more than 65% of the instant payment market across the four nations.
The transition to full connectivity is expected to be completed by June, ensuring that all participating banks in the region can offer seamless instant cross-border payments.
Similar to the European Payments Initiative, EuroPA aims to establish a euro-owned payment infrastructure that reduces reliance on US-based card networks. The alliance also has ambitious plans to expand its scope by incorporating additional use cases and extending its reach beyond the eurozone, reinforcing Europe’s financial independence in the digital payments sector.
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