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EPI Debuts Wero in Germany: Revolutionizing Digital Payments in Europe

2 weeks ago
thedialog
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Revolutionizing Digital Payments

Picture Source: Freepik.com

 

The European Payments Initiative (EPI) has unveiled Wero, its innovative digital wallet and instant account-to-account payments solution, beginning its rollout in Germany. 

 

Launch in Germany

Wero is now available to customers of the German Savings Banks Association (DSVG) and DZ Bank, the central institution of the Volksbanken Raiffeisenbanken Cooperative Financial Network. 

A similar launch with Postbank and Deutsche Bank’s retail arm is expected “at the end of summer.” 

 

European Expansion Plans

EPI, consisting of 16 European member banks and payment service providers, aims to provide a unified digital payment service across Europe. 

  • Belgium: Scheduled to launch through bank-insurance group KBC by the end of July.
  • France: Planned go-live between September and October. 

These phased launches will lead up to a full-scale launch among EPI’s member banks in the Netherlands, the UK, Spain, and Italy “within the next six months.” 

 

Initial Features

Initially, Wero will enable users to complete person-to-person (P2P) transactions in under 10 seconds using a QR code, email address, or phone number. 

Later, it will expand to support transferring and requesting money from third parties and completing cross-border payments between users. 

 

Future Enhancements

By 2025, Wero aims to support direct in-wallet payments to SMEs, online merchant payments via QR codes, and the management of recurring payments. 

In 2026, the platform plans to include in-store payments, expense sharing, program integration, and buy now, pay later (BNPL) capabilities. 

 

Statements from EPI Leaders

Martina Weimert, CEO of EPI, stated that the initial focus on P2P payments is to “familiarise consumers with Wero,” with the long-term goal of offering “all kinds of payments through a single wallet combining the simplicity, immediacy, and security of the banks.” 

EPI Chairman Dr. Joachim Schmalzl remarked that the launch “marks an important step towards enhancing Europe’s financial independence,” adding that “further steps and functionalities will follow, gradually establishing Wero as a central solution for all transactions.”