The European Payments Initiative (EPI) has introduced its mobile-first wallet and an instant account-to-account payments system in Germany, with plans for expansion into other countries in the coming months.
Customers of German Sparkassen and Volksbanken Raiffeisenbanken can now make instant money transfers between individuals directly through their banking app. Deutsche Bank is set to roll out the wero wallet later this year, starting with Postbank.
The wallet is expected to be available in Belgium by the end of July for KBC customers and will reach France this Autumn, with plans to include all EPI bank members within the next six months.
EPI, a Europe-wide initiative backed by banks, was originally established to compete with Mastercard and Visa by providing a card for consumers and merchants, as well as a digital wallet and peer-to-peer payments.
Initially supported by 31 major Eurozone banks, the project faced challenges when half of its members, including Germany’s Commerzbank and DZ Bank, departed in 2022.
Since then, EPI has acquired the Dutch payment scheme iDeal and Luxembourg’s Payconiq to establish the foundation for the wero wallet, beginning with peer-to-peer payments.
In the coming year, wero will enable users to pay small professionals from the wallet, as well as make online payments and settle invoices via QR code. This will include options for managing recurring payments for subscriptions and installments, and allow consumers to pay in merchant apps at points of sale, bypassing the cashier.
Further developments, including in-store payments at cash registers and additional features like buy now, pay later (BNPL), merchant loyalty program integration, and expense sharing, are planned for 2026.
Martina Weimert, CEO of EPI, stated, “To familiarize consumers with wero, we’re starting with person-to-person transactions. However, our goal is to provide all types of payments through a single wallet that combines the simplicity, immediacy, and security of banks.”