China UnionPay
On May 5, 2010 the Monnet Project held a meeting in Madrid to endorse a European Card Project. From the 30 banks that were attending it occurred that 12 banks from 8 countries volunteered to join a consortium phase to detail the technical requirements and to prepare treaties on the foundation of a new bankcard payment company. The ECB welcomed these steps pointing to the China UnionPay example that a new bankcard brand can quickly gain acceptance with China UnionPay being accepted in 29 European countries plus 60 more countries worldwide) It was predicted that by 2010 the results of the consortium phase would lead into a definite decision to build a new bankcard infrastructure, this was not to be the case.