Digital payments in Europe are too reliant on international card schemes and big tech companies, Denis Beau, first deputy governor of the Banque de France, said on April 24.

While cash made up 79% of payments in Europe in 2016, this figure has since declined to 59%, the deputy governor said.

Digital payments in Europe are too fragmented, he said. They are too reliant on international card schemes and big tech companies outside of Europe, who benefit from network effects which are “unconducive to