European Payments Initiative to launch pan-European digital wallet

The European Payments Initiative (EPI) has announced that it will launch a pan-European digital wallet named Wero for use on both iOS and Android devices.

The EPI, which was established with investments from over 30 banks and acquirers, aims to develop a European payments system to compete with Visa and Mastercard1. The initiative is actively working towards launching Wero in Belgium, France, and Germany by mid-2024, followed by the Netherlands, with plans to expand to other countries in the future1.

Wero is designed to revolutionize the way people in Europe make and receive payments by utilizing an account-to-account infrastructure that enables faster payment flows and offers a wide range of value-added services1. This new digital wallet will provide consumers with access to various features, including secure and fast payments, person-to-person (P2P) transactions, online shopping capabilities, and loyalty programs1. EPI envisions Wero as the preferred digital wallet in Europe, addressing existing gaps in the current payment ecosystem.