Over the past few weeks, social media has been buzzing with claims that the European Union plans to ban U.S.-based payment platforms like Visa, Mastercard, and PayPal — and that this could open the door for massive tech hiring across Europe to build "replacement systems."

Over the past few weeks, social media has been buzzing with claims that the European Union plans to ban U.S.-based payment platforms like Visa, Mastercard, and PayPal — and that this could open the door for massive tech hiring across Europe to build "replacement systems."