European Payments Initiative calls for unity among local wallets to strengthen EU autonomy

The European Payments Initiative (EPI) s a joint effort by major European banks and financial institutions to create a unified, pan-European payment system that enhances Europe’s sovereignty and independence in digital payments.

In a public letter published this week, the EPI and its shareholders emphasised the need for Europe to become more self-sufficient in its payment systems. This aligns with the European Instant Payment  Regulation developed by European regulators, which has come into force this year. ​It mandates that all banks and payment service providers (PSPs) in the European Union offer instant euro-denominated credit transfers. This initiative aims to modernise the EU's payment infrastructure, enhance financial autonomy, and reduce reliance on non-European payment networks like Visa and Mastercard.

In response, EPI has introduced a new payment scheme based on instant payment called "Wero, This pan-European payment platform, which has multi-country capabilities, can work in all European markets for local and cross-border transactions. 

At this stage, Wero already counts more than 40 million enrolled customers and is fully functional for P2P and P2Pro payments. 

"Wero is set up as a wallet allowing us to integrate other payment means and value-added services beyond payments, which are attractive for consumers and merchants. It benefits from its fraud prevention solution, which is crucial for the safety of an independent European payment system."

Starting in the summer of 2025, Wero will support online payments in Germany and Belgium, with France and the Netherlands to follow. By 2026, it will support in-store and invoice payments using QR codes and contactless technology.

Wero is managed entirely by European institutions, and other European banks and payment providers can join as partners or shareholders.

EPI forecasts that by the end of 2026, it will not only cover e- and m-commerce payments but also intends to add omnichannel payments, point of sale/in-shop payments, and invoice payments, using QR codes and the European standards for NFC/contactless transactions.

But Wero is not the only fully functional player in Europe. Other successful digital payment solutions exist in many markets, and together, more than 120 million customers are already using these solutions today, and this combined user base is increasing quickly. All these home-grown solutions are successfully evolving and are attractive to European merchants,  especially since they offer an innovative alternative to international card schemes and solutions.  

The EPI believes that markets that have not yet developed their own solution could easily adopt one of these solutions to dispose of a European digital solution as an alternative to international solutions and to connect to other European markets. 

The 16 shareholders backing EPI assert that Europe can achieve payment independence soon by cooperating and building on what's already in place.