Revolut has launched a Pay by Bank option that allows consumers to make payments directly from their bank accounts, bypassing card networks. This method enhances security, reduces costs, and has gained popularity in the UK, with 14 million users monthly. The feature is initially available in several European countries, with plans to expand further.

Apple has launched Tap to Pay on iPhone in eight additional European countries, allowing merchants to accept in-person contactless payments using only their iPhones and compatible apps. This feature supports payments via contactless credit and debit cards, Apple Pay, and other digital wallets, enhancing payment processing for businesses of all sizes. Privacy and security remain a priority, with transactions encrypted and processed securely.

The article critiques the European Union's attempts to create a government-backed card network to rival Visa and Mastercard, arguing that past initiatives have failed due to bureaucratic inefficiencies and a lack of private sector dynamism. It emphasizes the need for Europe to foster innovation within its fintech sector rather than rely on top-down mandates, suggesting that a more effective approach would be to support existing fintech companies that are ready to compete globally.