According to the source, the Monnet banking consortium is planning to establish a new card network targeted at cross-border card payments in Europe, aiming to provide e-payments,m-payments and contactless paymentsservices.
Moreover, the source reports that other Pan-European cards schemes, including the Euro Alliance of Payment Schemes (Eaps) and PayFair have also drawn up plans to set up an alternative SEPA for cards network. As a result, the European Central Bank has called on the Commission to draw up clear regulations governing the level of multilateral interchange fees that can be charged by providers.
The Monnet banking scheme is expected to work as an alternative to the cross-border card payments services offered by Visa/MasterCard in Europe, according to the source.
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