Portugal has it’s own network, Multibanco, and I know our central bank is working on a system targeted to the SEPA+ area. We already can send money to each other usong our phone number and our fiscal number.
I’m Portuguese and also lived in other countries in Europe and Multibanco is a vastly superior system to everything else I’ve seen, but on the ATM side rather than the payments side (everybody seems to have their own payment solution or, like the UK, rely on the likes of Visa and MasterCard) - already back in the 90s in Portuguese ATMs, in addition to withdrawing money, you could check your bank account balance, get a statement with the last transactions on your account and even pay your bills all this well before widespread internet access and online banking: that stuff was way ahead of its time back then.
Right now they’ve added stuff like touchless mobile payments and transfers, but the rest has caught up with them so you’ll find such solutions in most countries plus that whole system is entirely local as it’s the product of ages ago (before neoliberalism) the government forcing the banks to get together and create a company - SIBS - under shared ownership of the banks, responsible for setting up and managing a national interbank payment systems.
I wouod even say that the Multibanco system probably helps Portuguese banks maintain market lock-in against external competitors, which does get translated to Portugal having pretty high banking fees compared to the rest of Europe, especially for one of the poorest countries in the EU.
Portugal has it’s own network, Multibanco
That’s the customer-facing ATM network, i’m not so sure SIBS’s infrastructure doesn’t rely on Via/Mastercard, even if they provide SPEA facilities.
Multibanco existed way before Visa/Mastercard arrived here.
There’s Wero, a European alternative to VISA and Mastercard.
Is it? Doesn’t look like they offer debit/credit cards.
Looks more like a PayPal alternative.
It’s based on iDEAL, which we use in the Netherlands since 2005. All the Dutch banks are connected to it and when you pay, you approve the payment in your banking app or website, after which it’s immediately deducted from your bank account and the webshop gets an instant payment confirmation. Variations of this are also used peer to peer, for example for splitting the bill or when buying second hand stuff. You send someone a payment request (url) or show a QR and payments arrive instantly on your bank account, without any fees.
So indeed, even though it’s immensely popular and widely used, it’s not a full replacement for physical debit cards and it doesn’t offer credit.
Every country in the EU has some system for direct debit payments.
Italy has Bancomat, Germany has EC/Giro, France has Carte Bleue, Belgium has Bancontact/Mister Cash (still have not figured out whether they’re supposed to be different or just different names in Flanders and Wallonia), and so on and so forth.
Does the Netherlands not have such a system?
It used to be that people would use these within their own country, but there would be Maestro for payments around Europe.
MasterCard decided to discontinue Maestro for MasterCard Prepaid which has higher fees.
The Germans whined about it a little and said that Europe should have come up with its own payment systems, but nothing came of it.
By now we are also supposed to have SEPA Instant, that should offer Europe-wide bank transfers. I still have not quite understood why a debit card system can’t leverage that directly.
For debit cards we’ve always used Maestro for as long as I can remember. Nowadays new debit cards are usually Mastercard or Visa due to Maestro being discontinued, like you mentioned. Back in the days we also had a system called Giro cards, but then I’m taking about the time when cheques were still a thing.
There’s also the option to use direct debits from your bank account, which we use for subscriptions and utilities. This can be approved using iDEAL, same as with one-time payments. This doesn’t involve Maestro, Mastercard, or any card whatsoever. Most Dutch people only use debit cards in a physical stores.
We use iDEAL to pay taxes, the invoice of your house renovation, your Spotify subscription, your utilities, you name it. Of course instant bank transfers are also an option, but that’s basically the same thing, but with more effort and room for error.
