Catenaa, Friday, April 18, 2025-Claims circulating online that the European Union (EU) is banning US -based payment platforms like Visa, Mastercard, and PayPal are false, according to the European Central Bank.
Viral posts on social media misrepresented comments made by ECB President Christine Lagarde during a recent interview with Irish radio station Newstalk.
In the April 2 segment, Lagarde emphasized the need for Europe to develop its own digital payment infrastructure but did not advocate for banning foreign systems.
“A lot of our digital payments—e-commerce, peer-to-peer, or card-based—rely on non-European infrastructure,” Lagarde said.
“Whether you use Visa, Mastercard, PayPal or Alipay, those are either American or Chinese.”
Lagarde added that the goal is to reduce Europe’s reliance on external platforms and ensure there is a European solution available “just in case.”
She made no mention of banning or replacing foreign payment systems.
The ECB confirmed in a statement that it supports a competitive and diverse payment ecosystem. “We are not advocating for the abandonment of payment systems provided by companies such as Visa, Mastercard, PayPal or Alipay,” the bank said.
“A digital euro would serve as an additional choice for consumers and businesses, not as a replacement.”
The European Payments Initiative has already launched “Wero,” a digital wallet platform currently available in Belgium, France and Germany, with plans to expand further.
Fact-checkers at EuroVerify dismissed claims that the ECB plans to scrap cash or outlaw foreign payment systems.
