(15 May 2007 – Europe) Some of the biggest banks in Europe are reportedly in cahoots to establish a debit card scheme for the old continent.Société Générale, Deutsche Bank, Dresdner Bank, Commerzbank, Unicredito, ABN Amro, ING and Rabobank are apparently in discussions to set up a debit card to rival Visa and MasterCard.
The reason for the move is the purported unhappiness about MasterCard’s Maestro debit card becoming the dominant player in Europe following the single euro payments area in 2008.
Banks in Europe have so far been lukewarm about Visa’s debit system, V Pay.