World News for Students of English

09-03-2026 15:00

Most card and online purchases in Europe go through Visa and Mastercard, two American companies that control much of the global payment system.

European leaders believe this situation creates a risk because Europe depends on foreign companies for an important part of its economy. They now want to build a more independent system.

One new solution is Wero, a digital wallet created by European banks and payment companies. It uses instant bank transfer to remove the middleman, reduce fees, and keep data inside Europe. Millions of people in Germany, France, and Belgium already use it. Leaders hope it will grow across the region.

There are two main reasons for this plan: control and cost. The European Central Bank warns that strong reliance on a foreign system can lead to political pressure or a sudden problem. Retailers also say the card network fee rises each year. EU leaders say the payment system is key infrastructure, and infrastructure gives power.

Difficult words: instant (happening immediately), middleman (a person or company between buyer and seller), reliance (when you depend on someone or something).