BNP Paribas is actively supporting the European Payments Initiative (EPI) in its quest to regain control of the EU’s payments landscape, moving away from reliance on US card networks and major technology firms to solidify the region’s payment sovereignty.
The EPI’s Wero wallet, endorsed by a coalition of European banks, has already attracted over 40 million users and is fully operational for person-to-person (P2P) as well as business-to-individual (P2Pro) transactions. Looking ahead, EPI plans to introduce e-commerce payment solutions starting in the summer of 2025, with initial launch markets being Germany and Belgium, followed by expansions into France and the Netherlands. By the end of 2026, EPI aims not only to facilitate online and mobile payments but also to integrate omnichannel, in-store, and invoice payment options.
Thierry Laborde, Chief Operating Officer of BNP Paribas, emphasized the urgency of achieving payment sovereignty in Europe, stating, “Sovereignty in payments is not just an aspiration for the future; it is a necessity for Europe. With the EPI Company, we have developed a solution tailored by Europeans for Europeans.”
Currently, Visa and Mastercard account for 65% of card payments in the eurozone, while US technology giants like Apple, Google, and PayPal are steadily increasing their market share. Philip Lane, Chief Economist of the European Central Bank, recently noted that this dependence poses risks of economic pressure on Europe, which could impede the region’s strategic autonomy and its control over crucial financial infrastructure.
However, a singular solution is unlikely to dominate; Wero competes among various established digital payment options across Europe. Laborde remarked, “Our strength lies in collaboration. We are prepared to partner with local European digital payment networks to create a unified merchant acceptance framework that ensures interoperability, scalability, and cross-border functionality.”
He concluded with a strong call to action: “If we are to safeguard Europe’s sovereignty in payments, now is the time for us to unite.”
The initiative is further supported by EPI’s 16 European shareholders, who believe that current efforts and upcoming developments can collectively establish payment sovereignty across Europe by leveraging their existing customer bases and usage patterns.