The European Network for Payments (ENP) has launched to connect five mobile payment systems across 13 European countries, serving about 130 million active users. The systems include Bizum in Spain, Bancomat in Italy, SIBS-MB WAY in Portugal, Vipps MobilePay in Norway, Denmark, Sweden and Finland, and EPI/Wero in Germany, Belgium, France, the Netherlands, Luxembourg and Austria. The combined coverage reaches more than 70% of the EU and Norway population.
The ENP operates differently from the digital euro that the European Union is developing. The ENP bridges existing payment solutions and bank accounts, while the digital euro is electronic money issued by the European Central Bank. The digital euro will not replace cash or existing private payment methods.
The ECB plans a twelve-month pilot scheme starting in the second half of 2027, with a possible first issue in 2029, provided regulations are approved. These are projections, not confirmed dates.
International card payment schemes like Visa and Mastercard accounted for around 61% of euro area transactions in 2022, according to the ECB. Both the ENP and digital euro could support Europe's financial and digital sovereignty by reducing dependence on these mostly US-based systems.
An exploratory survey in Spain found that perceived trust in the ECB increased willingness to use the digital euro, while data privacy concerns decreased it. The digital euro's success will depend on whether citizens view it as improving trust, privacy, accessibility and ease of use compared to existing options.