EU must challenge PayPal, Apple in payment services: ECB

Woman in a cafe using smartphone for contactless payment

European Union countries must foster payment services that work across the continent to boost its financial sector and reduce dependence on third countries like the United States, a top European Central Bank official said on Sept 3. 

“Large non-European companies now play a significant role in the provision of payment services in Europe, while European banks are focused solely on serving their national market,” ECB board member Yves Mersch told a Paris financial regulation conference.