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European banks consider new debit scheme to compete with MasterCard, Visa
July 12, 2009
American Banker:European banks could start a company in October that would develop a debit card system to compete against MasterCard Inc. and Visa Inc. The initiative, called Monnet, is likely to kick-start in October, Deutsche Bank executive Hermann-Josef Lamberti says. The proposed debit card scheme takes its name from Jean Monnet, a French economist who was a key proponent of creating a united Europe. Societe Generale in France and other German and French banks are also said to back the proposal.
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