EuropPA vs. Southeast Asia: Regional Interoperability Models Set the Stage for the Next Wave — Central Asia and the Caucasus
As global momentum for real-time, cross-border payment networks accelerates, two regions have taken the lead: Europe’s EuroPA initiative and Southeast Asia’s dynamic network of bilateral and multilateral payment linkages. Both models offer critical insights—not just into current payment innovation, but into the future architecture of interconnected economies.
At 8B, we recognized early that interoperability, not isolated platforms, would define the next competitive frontier in payments. The developments now unfolding across Europe and Southeast Asia validate that strategic foresight—and set the stage for what comes next: a new interoperable framework across Central Asia and the Caucasus, already in active development.
EuroPA: A Focused, Infrastructure-Led Approach
EuroPA connects Bizum (Spain), BANCOMAT Pay (Italy), and MBWay (Portugal) across 186 banks and over 50 million users. Built directly on the SEPA Instant Credit Transfer (SCT Inst) rails, it enables instant, mobile number-based cross-border payments—no IBANs, no third-party apps.
The frictionless user experience—sending money across borders as easily as texting—marks a major step toward European payment sovereignty. EuroPA’s vision goes beyond P2P transfers, targeting merchant payments, request-to-pay use cases, and broader infrastructure harmonization.
This transformation has been in motion for some time. In April 2024, the early intent was captured in Mobile payment: Southern Europe moves towards interoperability (The Paypers), highlighting the historic agreement between Bancomat, Bizum, and MB Way to build the foundations for seamless mobile payment across southern Europe.
By November 2024, the official launch of EuroPA (The Paypers) marked a pivotal milestone, with the first instant mobile transaction completed between platforms—connecting over 45 million customers and more than 182 financial institutions.
At 8B, we understood early that P2P was only the beginning. True regional integration would move swiftly toward merchant acceptance, e-commerce enablement, and embedded cross-border financial services.
Southeast Asia: Innovation in Complexity
In Southeast Asia, interoperability has been shaped by innovation and necessity. Regional projects like the PromptPay–PayNow linkage (Thailand–Singapore) and multilateral frameworks such as Project Nexus and the Regional Payment Connectivity (RPC) initiative weave together diverse national payment systems.
The architecture blends ISO 20022 messaging standards, QR code interoperability, and a mix of bilateral and multilateral cooperation. While the regulatory landscape is more fragmented than Europe’s, Southeast Asia’s sheer speed of expansion—spanning Thailand, Singapore, Malaysia, Indonesia, the Philippines, and more—underscores its leadership in mobile-first, cross-border payments.
Notably, the PayNow-PromptPay linkage has facilitated real-time cross-border transactions between Singapore and Thailand, allowing customers to transfer funds of up to S$1,000 or THB25,000 daily using just a mobile number.
Comparative Insights
You may be interested in:
.png)
.png)
.png)
