Europe's $24 Trillion Breakup With Visa and Mastercard Has Begun: What it tells us about fintech regulation The growing discontent in Europe with US payment giants Visa and Mastercard has its roots in a complex interplay of historical and economic factors.
The European Union's introduction of the single currency in 1999 created a vast, unified market where goods and services could be traded freely across borders.
This move also provided an opportunity for US payment processors to assert their dominance over the continent.