B1 – Intermediate
A big part of Europe’s payment system depends on Visa and Mastercard which are both American companies.
European leaders think it is risky that Europe depends on foreign companies for an essential part of its economy. It is now Europe’s objective to build its own payment system.
Listen to the audio and read the transcript about Europe’s dependence on American companies for their payment system.
https://www.newsinlevels.com/products/can-europe-be-without-visa-and-mastercard-level-3
Vocabulary Questions:
- What is a “digital wallet”? “One new solution is Wero, a digital wallet created by European banks and payment companies.” Use the term in a sentence. Give a synonym.
- What does “middleman” mean here, “It uses instant bank transfer to remove the middleman, reduce fees, and keep data inside Europe.”? Use the word in a sentence. Give a synonym.
- What does “political pressure” mean? “The European Central Bank warns that strong reliance on a foreign system can lead to political pressure or a sudden problem.” Use the phrase in a sentence. Give a synonym.
Discussion Questions:
- Discuss the reasons Europe wants their own payment system.
- What do you think about Europe’s payment system being dependent on foreign system? What problems can originate from this?
- What is your opinion about Europe building its own independent payment system? Talk about its advantages and disadvantages.
- Share your thoughts on this, “EU leaders say the payment system is key infrastructure, and infrastructure gives power.”