FRANKFURT – European banks hold off until Thursday on a decision about a new project to pay for a payment system that will be a local rival to Mastercard and Visa.

The European Payments Initiative (EPI) is experiencing a delay. This delays the EPI’s goal to create a European Standard Payments Initiative (EPI) that will offer a card to consumers and retailers throughout Europe.

EPI Interim Company stated that the majority of shareholders from France, Germany, and Belgium want the project to go ahead, in a statement posted on their website.

It stated that “other shareholders such as Spanish banks will provide their answers in January.”

People familiar with the matter said that Germany’s Commerzbank is one of the major holdouts. According to sources, these two lenders have plans to withdraw from the project because of concerns regarding the relatively high costs involved in participation by German banks.

The German Unicredit operations (MI:) have also decided not to take part, but they will consider any future offers. A spokesperson stated.

Last month the venture made an appeal for public funding. The appeal was on Tuesday.

Deutsche Bank BNP Paribas (OTC) and BNP Paribas, (DE:), are two of the banks that have backed the project.