There is going to be an alternative to the du-opoly system by Visa and Mastercard and the name is Monnet. The aim of creating a SEPA for Cards is to enable European customers (card-holders and merchants) to use general purpose cards to make and receive payments and withdraw cash in euro throughout the SEPA area with the same ease and convenience as they do in their home country.

Read the full research paper on it here: Monnet Card based on SEPAl