Eurozone scrambles to beat cryptocurrencies by consolidating instant payment system
EU moves to get fragmented scheme accepted by all banks before Facebook’s Libra hits the bloc
26 June 2019 - 18:45
Brussels — The eurozone could have an instant payments system shared by all banks in the bloc by the end of 2020, finance industry officials say, as lenders face more competition from the likes of Facebook and other tech firms.
Real-time payments have been possible in the 19-country currency bloc since 2017, but only about half of the eurozone’s banks have joined the scheme that underpins these transactions and it is mostly used for domestic payments...
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