The Governor of the Bank of France Francois Villeroy de Galhau called on Tuesday for a European system for retail payments to rival the US and Chinese equivalents.

Addressing a financial conference in Paris, Villeroy de Galhau said that “the European payments market is already dominated by non-European stakeholders,” American or Chinese. European banks have failed to rival Visa and Mastercard and Chinese platforms, and Facebook’s recent announcement that it aims to introduce a new digital currency should be seen as a wakeup call.

Real-time payments have been possible in the 19-country eurozone since 2017, but Villeroy wants to see the EU building on the success of the Target Instant Payment (TIP) infrastructure, which banks have been slow to adopt, to create a single-brand, integrated payment platform.