TALKING POINT

Based on a survey of 3,000 consumers and 500 senior executives at payment providers across Europe, the report Payment Sovereignty: Consumers Are Paying Attention found that 62 % of consumers and 75 % of payment providers are concerned that foreign-controlled payment networks could restrict or even stop payments in their market during periods of political tension.

The findings suggest that support for European payment alternatives such as Wero is strong. However, the research also highlights a significant challenge for policymakers and providers seeking to reduce dependence on global payment networks. While consumers increasingly recognise the importance of payment sovereignty, their payment choices remain driven primarily by practical considerations rather than political or economic objectives.

Among the key findings, 73 % of consumers and 97 % of payment providers said it is important for the UK and EU to have greater control over payment systems. Concerns about geopolitical interference were widespread, with 59 % of consumers and 78 % of providers worried that the US government could instruct Americanowned payment networks to restrict or halt payments in their market.

The study also revealed concerns about market concentration. Around 60 % of consumers and 67 % of payment providers believe it is problematic that a small number of global companies control such a large share of payment activity. Dependence on established networks remains significant, with 67 % of consumers saying they would struggle or be unable to make payments without Visa or Mastercard.

Support for Wero among payment providers was particularly strong. Eighty-five per cent have either implemented the platform or plan to do so, including providers in markets where the service is not yet available.

The research indicates that payment sovereignty is no longer a niche issue. More than half of consumers said they had considered the systems that sit behind everyday transactions, while 56 % were familiar with efforts to create alternatives to Visa and Mastercard. Consumers also expressed concern about the lack of reliable local alternatives should major payment networks experience disruption.

Despite broad support for greater European control, sovereignty alone is unlikely to drive adoption of new payment methods.

Only one in five consumers said they would choose a payment system primarily because it was locally owned. Instead, security, acceptance and privacy remain the most important factors influencing payment behaviour.

Payment providers were generally optimistic about the future of local alternatives. Three-quarters( 74 %) of providers said they believe European alternatives will be viable within a decade, while 66 % believe such networks can deliver better value than existing global systems. However, 67 % also believe Europe can achieve payment sovereignty without replacing global networks.

Denise Johansson, Co-Founder and CEO, Enfuce, said:“ For decades, payments were designed around convenience and global scale. Now they are becoming a question of resilience, control and economic security. Consumers are starting to recognise that the systems moving money around the world are not politically neutral infrastructure.” •

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