German and French banks unite to fight against Visa and MasterCard

According to the recent statement of Hermann-Josef Lamberti, CEO of Deutsche Bank, their bank in cooperation with a French giant Societe Generale SA is going to create a group to push ahead with plans for a debit-card system to challenge Visa Inc. and MasterCard Inc., reported Bloomberg. 

Also it was reported the the European Central Bank together with other banks including Societe Generale, BNP Paribas SA and Deutsche Bank Inc are already working over the project called Monnet payment system, European alternative of the world leaders in the payment processing market Visa and MasterCard, which will unite 31 European countries.

Creation of the group planned for October is the first step towards the creation of Monnet. “We all knew it was important to get the Germans and the French to agree. When the rest of Europe sees that these two can agree, then the result has a chance to evolve into a solid European system,” said Josef Lamberti.