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Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
(europeanbusinessmagazine.com)
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this post was submitted on 10 Feb 2026
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We've had this in Australia since the 90s at least. All debit cards are dual network: They support both Visa/Mastercard, as well as the local network (called EFTPOS). EFTPOS is noticeably cheaper to process - around 0.3% fee, compared to ~1% for Visa/Mastercard debit in Australia, ~1.5% for credit, and ~3% for Visa/Mastercard in the USA. The profits stay in Australia rather than going to a US company.
That's only for debit cards, though. EFTPOS doesn't support credit cards.
Same in Norway and I think same in many countries, biggest issue is across borders inside of Europe. Most payments online also.