Unicorn News
September 9, 2024
Stripe Unicorn News - September 09, 2024
Stripe-backed fintech TrueLayer has issued a cautionary statement about Europe's dependence on US payment systems, highlighting the risks associated with the upcoming US presidential election. The company is pushing for more resilient European payment infrastructures.
() Introduction
() Stripe-backed fintech warns of over-reliance on US payment systems
On September 9, 2024, Francesco Simoneschi, CEO of Stripe-backed UK tech group TrueLayer, warned about Europe's heavy reliance on US payment systems, particularly in light of the upcoming US presidential election. He stressed the need for Europe to develop more resilient payment infrastructures to mitigate associated risks. This warning coincides with the UK's Payment Systems Regulator investigating fees charged by Visa and Mastercard. In response, TrueLayer has announced partnerships for its 'pay by bank' solution, aiming to offer a cheaper and more resilient alternative to US-based payment systems for online purchases.
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