Paris: French President Emmanuel Macron has called for the development of a sovereign payment system, as reported by broadcaster BFM TV. In a video message delivered to the French Card Payment (Carte Bancaire) summit, Macron emphasized the critical role payment systems play in national sovereignty, urging the establishment of a European-controlled model.

According to Anadolu Agency, Macron highlighted the European Payments Initiative's (EPI) project, Wero, as a pivotal solution in creating a sovereign payment model. Wero facilitates instant payments between individuals and aims to expand its services to merchants, enabling transactions directly from European bank accounts. The initiative seeks to rival established services like PayPal and Apple Pay by retaining control over financial transactions and data within Europe.

Macron stressed the importance of maintaining control over payment systems, warning that relinquishing this control would mean relying on external entities that may not share the same interests as Europe. With over 77 million cards in circulation, the French Card Payment Group currently dominates domestic transactions. However, it faces increasing competition from US-based networks and mobile payment solutions, according to Macron.

The French President has consistently advocated for a more independent European Union, distancing itself from US influence. He has also called for diplomacy and restraint in the ongoing Iran-Israel conflict and has formally recognized Palestinian statehood.