Greek bankers, among them the experienced Fokion Karavias, the chief executive officer of Eurobank, propose that Visa and MasterCard cards be replaced with European cards, that is with one or more systems of financial instruments. In Greece, there are active 14 million Visa and MasterCard, the real number is not entirely clear and changes periodically. The central idea of the proposal of Greek bankers is that Visa and MasterCard must be replaced with other European systems so that there is no dependence on the American factor, American risk. Due to economic and trade wars, tomorrow banks may become targets and because Visa and MasterCard are American companies, the respective American leadership may, in order to exert pressure, impose tariffs. Debit or credit or simple withdrawal cards cannot be subject to such risks.
What must be done
Obviously, in order for Visa and MasterCard to be replaced, a new European card must be created that will cover all transactions and will be recognized globally. You cannot trust Viva Wallet, nor Revolut, therefore a new monitoring system of financial instruments will need to be created from scratch, therefore it will require time, reliability, trust, control and capital. For all these to fit together, time will be required. If the project started today, it would take 2 to 3 years for the new card to be completed and accepted by consumers and for Visa and MasterCard to be replaced, obviously many years will be required.
Conclusion
While as an idea the view of Greek bankers is correct, it is not only a Greek proposal, nevertheless time will be required for this plan to be implemented and unanimity among European banks. Something else could apply in the meantime, to withdraw Visa and MasterCard and to issue, for example, Eurobank or Piraeus Bank cards of their own without the Visa or MasterCard logo, but the entire network of customers and affiliated or non affiliated stores inside and outside Greece would have to be informed.
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