With the rapid development of the digital economy, the payment sector has gradually become a new arena for global economic competition. Although Europe has a deep foundation in its financial system, it has long been in a catch-up position in the field of digital payments, especially with the global expansion of payment systems like Alipay, which has made Europe acutely aware of the gap. Despite facing strong competitors, the European Union is actively planning to launch a new payment system to unify Europe's vast internal market. A unified payment system could also reduce the cost of cross-border transactions and enhance user experience. Burkhard Balz, a member of the Executive Board of the Deutsche Bundesbank, stated bluntly: "We need our own payment ecosystem to ensure data security and economic independence." Focusing on the EU's recent initiatives to plan a new payment system, it is of particular significance to deeply analyze the driving factors, implementation strategies, and the impact on the global payment landscape, as well as its implications for China's payment industry.

I. Background and Main Initiatives of the EU's Planning for a New Payment SystemPayPal、支付宝早已在全球支付领域形成强大的竞争壁垒。作为国际支付的“鼻祖”，PayPal凭借全球化布局和卓越的用户体验，长期统治跨境支付领域；支付宝则以中国为大本营，依托移动支付的普及和阿里巴巴的生态体系，成功打入全球市场。在欧盟国家跨境电商交易中，许多消费者和商家更倾向于选择PayPal进行支付，这导致欧盟本土支付机构的业务量受限，市场拓展困难。同时，PayPal等支付巨头还通过规模效应和技术优势，不断降低交易成本，提高支付效率，进一步巩固了其在欧洲市场的竞争优势。为更好应对PayPal等支付巨头的挤压，欧盟采取了一系列筹划举措。早在2021年“欧元峰会”上，欧元成员国和欧洲央行就呼吁建立更强大、更具创新性的数字金融部门，以及更高效、更有弹性的支付系统，并表示应就“数字欧元”积极开展探索性工作。数字欧元被视为欧盟新支付系统的重要基础，其研发工作旨在提升欧盟在支付领域的市场竞争力。欧盟各成员国央行和金融机构参与到数字欧元试点项目中，通过实际测试和应用场景探索，不断优化数字欧元的功能和性能。一些成员国开展了数字欧元在零售支付、跨境支付等场景下的试点，检验其在不同场景下的可行性和稳定性。此外，欧盟还加强了与金融科技企业的合作交流，积极鼓励金融科技企业参与新支付系统建设。II. Analysis of Driving Factors for the EU's Planning of a New Payment System**（一）经济利益的重新分配诉求In today's globalized world, electronic payment has become an indispensable part of people's lives. Alipay, as one of the two major electronic payment platforms, each boasts a vast user base and unique features. Alipay has a strong foundation in the cross-border e-commerce payment sector in Europe and America, while Alipay has risen by leveraging China's massive consumer market, with active users exceeding 100 million, and is continuously expanding its business in Europe, Southeast Asia, and other regions through overseas deployment. Their success has led to a significant flow of payment fees and related economic benefits to these non-EU entities, while EU companies face high costs in the payment process, severely affecting their profit margins and competitiveness in global trade. Relevant studies show that EU companies pay billions of euros more in fees annually due to the use of non-local payment systems. To reclaim economic dominance and reshape the economic landscape in the payment sector, the EU urgently needs to establish its own payment system.（二）金融安全的坚守与捍卫The payment system is considered the core infrastructure of the financial system and is crucial for maintaining financial sovereignty and security. According to an evaluation by Germany's "Wirtschaftswoche," the European Union is seeking to achieve "strategic autonomy" in financial services, reducing reliance on American payment systems such as , , , and to safeguard its own financial security. The introduction of a digital euro by the EU can maintain Europe's strategic autonomy in the payment field and reduce the "rent" obtained by payment service providers. In the new wave of payment system innovation, the digital euro can help Europe break free from the control of American payment providers as much as possible, lower corporate costs, and achieve autonomous online currency issuance and payment clearing. Currently, the storage and processing of payment data in the EU often span multiple countries and regions, making comprehensive and effective supervision difficult. This exposes the EU to potential risks in financial security, such as data breaches, money laundering, and uncontrolled capital outflows. By constructing a new payment system, the EU places data storage and processing under its own regulatory framework to ensure the safety and controllability of financial transactions, thereby effectively maintaining financial security.（三）数字经济发展的战略支撑在数字经济时代，支付系统是推动经济发展的关键引擎之一。欧盟内部虽拥有发达的经济体系，但支付领域的滞后严重掣肘了数字经济协同发展。当前，欧盟各成员国支付标准不一、系统分散，导致跨境支付流程繁琐、效率低下。新支付系统的构建，能够统一支付标准，打破欧盟成员国间的支付壁垒，促进欧盟内部数字经济一体化发展。此外，随着人工智能、区块链、云计算等新兴技术在支付领域应用，新支付系统将为欧盟数字经济创新发展提供强大的技术支撑平台，推动欧盟在全球数字经济竞争中占据有利地位。III. The "EU Blueprint" for the New Payment System Planning（一）政策法规的保驾护航The European Union has established a series of policies and regulations for the birth and development of new payment systems. The "Second Payment Services Directive" (PSD2), which came into effect in [specific year and month], was introduced by the European Commission to replace the original Payment Services Directive (PSD) implemented in [specific year], aiming to promote competition, enhance security, and foster innovation to thoroughly reform the payment industry. By implementing PSD2, the EU mandated banks to open their interfaces to third-party payment institutions, paving the way for new payment systems to access the existing financial system, thereby promoting full competition and innovative vitality in the payment market. In [specific year and month], the "Payment Services Directive" (PSD) was introduced, at a time when the EU's financial services industry was at the peak of transformation. PSD is a key milestone in the industry's development, capable of addressing emerging fraud risks and ensuring adaptability in the face of digital transformation. Meanwhile, in terms of consumer rights protection, the EU has formulated strict regulations to ensure the safety of users' funds, confidentiality of information, and convenient complaint handling mechanisms in new payment systems.（二）技术创新的前沿探索In technological research and development, the European Union actively embraces emerging technologies. Blockchain technology, with its characteristics of decentralization and immutability, has become a crucial technical support in cross-border payments and clearing processes of new payment systems. The EU has invested substantial resources in the R&D of new payment system technologies, actively exploring applications of emerging technologies such as blockchain and artificial intelligence. In some pilot projects within EU member states, blockchain has been utilized to build cross-border payment alliance chains, achieving real-time, low-cost cross-border transfers. Some financial institutions in EU member states have engaged in extensive collaborations with technology companies to jointly advance the construction of new payment systems. For instance, the Swedish central bank is conducting a pilot project for the digital currency e-krona, exploring the use of blockchain technology to build an efficient and secure digital currency payment system. Banks in France and Germany have jointly established payment innovation labs, focusing on developing new payment technologies and solutions. Additionally, artificial intelligence technology is widely applied in risk prevention and customer service. Through machine learning algorithms, new payment systems can monitor transaction behaviors in real-time to effectively identify fraud risks.（三）协同合作的广泛开展******欧盟新支付系统建设并非国家或企业单打独斗，而是通过广泛的协同合作加以推进。一方面，欧盟成员国政府、央行与金融监管机构紧密协作，共同制定发展战略与监管规则，确保新支付系统在整个欧盟的一致性与兼容性。例如，2024年推出的Wero支付系统，即在16家欧洲金融机构倡议下创建而成，其作为欧洲支付市场的新兴力量，旨在减少金融市场分散程度，并与PayPal、Visa、MasterCard等支付系统展开竞争。另一方面，金融机构与科技企业深度合作，发挥各自优势，传统银行提供资金清算、账户管理等基础金融服务，科技企业负责技术研发、产品设计与市场推广。譬如，法国巴黎银行就与当地一家金融科技公司合作，共同开发新支付系统的移动应用程序，整合双方资源，以提升产品竞争力。

4. The Impact of the EU's Planning of a New Payment System on the Transformation of the Global Payment Landscape******（一）对现有支付巨头形成冲击与挑战The launch of the new EU payment system is undoubtedly set to pose a strong competition to Alipay in the European domestic market. In the EU market, leveraging local advantages and policy support, the new payment system, based on the EU's stringent data protection regulations, holds a natural edge in data storage, usage, and sharing. This is expected to attract a large number of users, thereby squeezing the market share of Alipay and others. Additionally, the new payment system may better align with EU users' expectations regarding data privacy protection, which will be a significant factor in attracting users. This situation compels international payment giants to reassess their strategic layouts in the European market, increasing investments in technological innovation and service optimization to meet the competition.（二）推动支付市场多元化格局加速形成For a long time, the global payment market has been dominated by a few giants such as Alipay. However, the introduction of the new EU payment system has disrupted this relatively solidified landscape. In the future, the global payment market will evolve into a diversified scenario with multiple payment systems coexisting and competing. Different payment systems will compete in the market through technological innovation, service quality, and user experience, offering more diverse choices for consumers and businesses. For instance, in the field of cross-border e-commerce payments, in addition to Alipay, the new EU payment system will provide new payment pathways for European businesses and global consumers, prompting various payment platforms to continuously optimize their services, reduce fees, and enhance payment efficiency. This undoubtedly offers more payment options for consumers and businesses.（三）对国际货币体系产生潜在影响在全球支付格局变革的大背景下，俄罗斯、伊朗等国也在积极发展本国支付系统。俄罗斯的Mir支付系统，在应对国际制裁过程中不断发展壮大，逐步实现了国内支付系统的自主可控，并在周边国家拓展相关业务。伊朗在长期受国际制裁的情况下，也在努力构建独立的支付体系，以减少对国际支付巨头的依赖，且伊朗和俄罗斯银行支付系统已正式连接。而欧盟新支付系统的发展与这些国家的支付系统存在一定联动关系。当前，全球经济政治格局正处于深刻调整期，贸易保护主义、地缘政治冲突等因素给全球支付体系带来诸多不确定性。欧盟新支付系统的发展正是在这样的大变局背景下进行的，其发展进程将受全球政治经济形势影响，亦将对全球支付格局产生反作用，推动全球支付体系朝着更加多元化、自主化方向发展。5. China's Response Strategies欧盟新支付系统的筹划与实施，对中国支付行业会产生多维影响。在国际市场竞争方面，中国支付企业在欧洲市场的拓展可能面临更大阻力；在国际货币体系方面，欧元支付影响力的提升，将对人民币国际化进程形成一定的竞争压力，尤其是随着欧元在国际支付中使用频率增加，人民币在全球贸易和投资中的支付份额可能受影响。我们要辩证看待近年来欧盟新支付系统布局，持续关注，积极应对。（一）持续深耕国内市场，切实筑牢支付根基China's payment industry should always regard the domestic market as its core base and further expand the widespread application of the digital yuan in various livelihood scenarios such as retail, transportation, healthcare, and government services, continuously increasing its penetration and usage rates. By improving and perfecting the domestic payment ecosystem, strengthening close cooperation between payment institutions, commercial banks, and merchants, a more convenient, efficient, and secure payment environment can be created, providing solid support for the international development of payment enterprises. For example, in the field of transportation, seamless integration of the digital yuan across various modes of travel such as buses, subways, and shared bicycles can be achieved to enhance the user payment experience during travel.（二）精准布局国际市场，进一步拓展发展空间Facing the profound changes in the global competitive landscape brought about by the EU's new payment system, Chinese payment enterprises should precisely optimize their layout in the international market. On the basis of consolidating their existing market shares in Southeast Asia, Africa, and other regions, they should focus on strengthening market development in countries and regions along the "Belt and Road" initiative. The reason for this is that these countries have close economic and trade relations with China and have a strong demand for efficient and convenient payment services. In this process, Chinese payment enterprises should make full use of their competitive advantages in mobile payment technology and operational experience, combined with local market characteristics, to launch localized payment solutions. At the same time, they should strengthen exchanges and cooperation with local financial institutions, strive to create payment products that comply with local regulations and user habits, and focus on cultivating local talents to enhance local operational capabilities. In the field of digital currency, China can carry out technical exchanges and cooperation with other countries to jointly explore international standards and regulatory rules for digital currency.（三）加强技术创新与国际合作，不断提升全球竞争力**技术创新是支付行业发展的核心驱动力。中国支付行业应加大在区块链、人工智能、云计算等前沿技术领域的研发投入，不断探索新技术在支付安全、跨境支付、用户体验优化等方面的深度应用。同时，统筹好发展、开放和安全，积极参与国际支付领域的技术标准制定与合作交流，特别是随着新一轮科技革命和产业变革对金融领域影响不断加深，在数字货币领域，还要注重加强与各国央行、国际组织的沟通协作，共同探索数字货币跨境流通、监管协调等一系列跨国性新课题，通过技术创新与国际合作，进一步提升中国支付行业在全球的竞争力与话语权。

the writer

Xie Bo, Professor at the Baize Strategy Research Institute of Southwest University of Political Science and Law. Gong Hongwen, Researcher at the Baize Strategy Research Institute of Southwest University of Political Science and Law.

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Editor: Lv Mengting Responsible Editor: Chang Yuhao Reviewer: Ni Chunle