Thirty European banks, including Deutsche Bank AG and BNP Paribas SA, reportedly are are pushing ahead with plans to create a debit card system in Europe that will challenge Visa Inc. and MasterCard Inc.

According to Bloomberg News, the lenders, representing more than 10 countries, agreed at a meeting held in Madrid on Wednesday to extend the project across Europe, according to Deutsche Bank.

The banks will decide by the end of this year whether they will participate in the payment system, called Monnet, after further studies.

The European Central Bank and the region's lenders are seeking to create a third Pan-European debit system as an alternative to MasterCard's Maestro and Visa Europe's V Pay.

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