Warning: Too dependent on Visa and Mastercard

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Warning: Too dependent on Visa and Mastercard
Photo: Jonas Ekströmer/TT

Riksbank Governor Erik Thedéen warns that Sweden's and Europe's payment systems are too dependent on the American card giants Visa and Mastercard. He believes that complementarities are needed.

We have Swish, which to some extent is also starting to work for purchasing goods and services, says Thedéen, also mentioning a possible European central bank currency or, in the style of Denmark, national credit cards.

Thedéen argues, in Ekot's Saturday interview, that it is not only defense cooperation and security that is affected when the US challenges and seems to want to weaken ties with Europe. One must also consider the great dependence of society and the economy on not only American tech giants but also the card giants Visa and Mastercard. In the worst case, the US could use it to put pressure on former friends.

If you have a precautionary principle: ensure – for example – that payment systems are not as dependent on the US as we have been, says the Riksbank Governor.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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