The Guardian view on Europe’s payments problem: sovereignty starts at the till

January 25, 2026

TL;DR

Donald Trump's potential to control international payment systems highlights a vulnerability in Europe's strategy for independence.
Russia's experience with sanctions shows how reliance on systems like Visa and Mastercard can leave ordinary people without access to funds.
Aurore Lalucq, chair of the European parliament’s economic and monetary affairs committee, advocates for a European equivalent to India's Unified Payments Interface (UPI).
India's UPI is a state-backed, universal payment system that has reduced reliance on foreign networks and made digital payments ubiquitous, even among poorer households.
While US companies dominate transactions on UPI, they do not control the system itself, which operates as a public standard.
Creating a European UPI would be challenging due to the EU's complexity and potential resistance from banks, but it aligns with the goal of state and bloc autonomy.
China has also built its payment ecosystem domestically, and both India and China aim to export their models.
A European payments system that enhances sovereignty is seen as a positive step, potentially starting with how people shop.

Continue reading the original article