Lagarde’s Vision for a Unified European Payment System
Hey Payments Fanatic!
“Visa, MasterCard, PayPal, and Alipay are all controlled by American or Chinese companies. We should make sure there is a European offer,” said Christine Lagarde, President of the European Central Bank. Her remarks reflect growing urgency within the EU to reclaim control over its digital payment infrastructure.
Lagarde linked this ambition to broader economic goals. A fully unified capital market, she noted, could add up to €3 trillion in value annually. But to get there, Europe must reduce its dependency on non-European platforms that process a large share of everyday transactions. The message is strategic: sovereignty in payments is a pillar of financial autonomy.
That’s where the European Payments Initiative (EPI) comes in. Backed by major European banks, EPI aims to build a single payment solution for the eurozone. In 2023, it acquired iDEAL and Payconiq—two existing systems already trusted by users in multiple countries. Their integration forms the backbone of EPI’s push to offer A2A payments as an alternative to card-based systems.
Wero, the first visible result of this work, is already live with over 30 millions users in Germany, France, and Belgium. Meanwhile, EuroPA is building a cross-border layer for southern European countries, linking over 50 million users, with full connectivity expected by June 2025.
Wero, EPI’s first rollout, is already live in Germany, France, and Belgium, with over 30 million users. Meanwhile, EuroPA is creating regional links in Southern Europe, connecting banks and 50 million users across Italy, Spain, Portugal, and Andorra.
Together, these projects signal clear intent—but intent alone won’t determine the outcome. Whether Europe moves toward a truly unified payment system or remains fragmented will depend on the depth of political will, the alignment among national institutions, and the appetite of banks and consumers to embrace a shared alternative.
If you want to catch up on the latest in Payments, keep scrolling!
Cheers,
INSIGHTS
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GOLDEN NUGGET
Welcome to 𝐓𝐡𝐞 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐀𝐜𝐚𝐝𝐞𝐦𝐲 by Checkout.com — Episode 9 👋
What is a “𝐂𝐡𝐞𝐜𝐤𝐨𝐮𝐭” 𝐢𝐧 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬?
► A 𝐂𝐡𝐞𝐜𝐤𝐨𝐮𝐭 is the digital experience where customers finalize their purchase and submit payment. Whether embedded into a site or hosted externally, the checkout experience directly impacts conversion, compliance, and customer loyalty.
𝐓𝐡𝐞 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐂𝐡𝐞𝐜𝐤𝐨𝐮𝐭:
1️⃣ Hosted Payment Page (HPP)
2️⃣ Embedded Fields
3️⃣ Frames + APIs
4️⃣ Universal Checkout (Merchant-built or PSP-built interoperable with multiple acquirers).
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐇𝐨𝐬𝐭𝐞𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐏𝐚𝐠𝐞?
► A 𝐇𝐨𝐬𝐭𝐞𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐏𝐚𝐠𝐞 is a fully managed, secure payment experience where a PSP handles most of the PCI compliance, Payment Method Display, UI rendering, and fraud checks — while your customer completes their purchase on a separate checkout page. Today, those HPPs can be dynamic, tailorable to each customer locally and remembering customers across merchants if using a universal HPP interoperable with various acquirers.
𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬:
► Conversion
✔️ Automatically adapts to the customer’s device, language, & preferred methods
✔️ Optimizes layout and flow to reduce cart abandonment
► Compliance
✔️ PCI DSS Level 1 certified
✔️ Built-in 3DS2 and Strong Customer Authentication support
✔️ Reduces regulatory burden on merchants
► Reach
The hosted checkout dynamically surfaces local payment methods based on the customer’s geolocation, increasing trust and familiarity:
🇪🇺 SEPA Direct Debit (Europe)
🇧🇷 Boleto Bancário and Pix (Brazil)
🇮🇳 UPI and RuPay (India)
🇵🇪 Yape (Peru)
🇹🇭 Promptpay Solution (Thailand)
🇮🇩 GoPay Indonesia and Dana (Indonesia)
🇲🇽 OXXO and SPEI (Mexico)
🇸🇬 PayNow (Singapore)
🇹🇷 TROY (Turkey)
🇰🇷 카카오페이 (kakaopay) (South Korea)
🇳🇴 Vipps (Norway)
This hyper-local experience helps merchants scale globally with a checkout that feels local in every market.
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐔𝐧𝐢𝐯𝐞𝐫𝐬𝐚𝐥 𝐂𝐡𝐞𝐜𝐤𝐨𝐮𝐭?
► Universal Checkout is a modular frontend component that plugs directly into a merchants site or app — delivering a seamless payment experience that supports:
✔️ Cards
✔️ Digital wallets (ApplePay, Google Pay)
✔️ APMs
✔️ Installments
All through a single integration.
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐎𝐧𝐞-𝐂𝐥𝐢𝐜𝐤 𝐂𝐡𝐞𝐜𝐤𝐨𝐮𝐭 — 𝐩𝐨𝐰𝐞𝐫𝐞𝐝 𝐛𝐲 𝐭𝐨𝐤𝐞𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 👇
► When a customer pays for the first time, their card details are encrypted and stored as a token. For future checkouts, the customer sees their saved method and only needs to confirm the payment
Checkouts keep evolving and are the interface in between the consumers and merchants. Optimizing it is extremely complex, a lot more than meets the eye.
Source: Checkout.com x Connecting the dots in payments...
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