Germany backs digital euro to break free from US payment giants
Germany’s consumer protection agencies are pushing for a digital euro to reduce reliance on foreign finance systems. The move aims to strengthen Europe’s financial independence by offering an alternative to major US-based providers like PayPal, Visa, and Mastercard. Currently, Germany depends heavily on non-European finance services for daily transactions. Companies such as PayPal, Visa, and Mastercard dominate the market, leaving Europe with limited control over its financial infrastructure. Consumer protection groups argue that this dependence creates risks, including higher fees and potential disruptions from overseas decisions. If introduced, a digital euro could shift Germany’s payment landscape by cutting ties with US-based giants. The change would also align with broader European efforts to build autonomous finance tools, ensuring greater stability and control over transactions.
