Eurocheque, a 31-year-old payment service that foreshadowed the debit card and the unified European currency, is falling victim to both.

Europay International, the MasterCard-affiliated bank card association that administers Eurocheque, has scheduled a two-and-a-half-year phaseout for what was historically hailed as a prime example of banking industry cooperation and innovation.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.