France's CB payments network challenges US dominance. The European payments system aims to reduce reliance on Visa and Mastercard, reversing years of market share decline. CB's director general Philippe Laulanie reported the network has recovered from 75% to higher market share in France, with approximately 30 candidates seeking to join. Geopolitical tensions, including Russia's invasion of Ukraine and current US trade concerns, have highlighted the need for payment system sovereignty in Europe. CB operates through a co-badging model allowing French bank cards to function on both international and local networks. French President Emmanuel Macron has backed CB's initiative, describing it as critical to economic sovereignty. The effort reflects broader European concerns about American payment companies' market dominance and potential vulnerabilities to geopolitical pressures.
