Wero, a new mobile payment system developed under the European Payments Initiative (EPI), has officially launched in Belgium, offering customers of major banks access to a unified digital wallet. This marks a significant step toward creating a Pan-European payment platform, a move designed to reduce reliance on non-European providers like Visa and Mastercard.
The system is already operational in Germany and France, providing seamless cross-border payment capabilities. Plans are in place to expand the service to the Netherlands and Luxembourg, further cementing Wero’s presence in Western Europe.
Wero’s core features include instant person-to-person payments within 10 seconds, facilitated via phone numbers, email addresses, or QR codes, without requiring an IBAN. The system operates 24/7 and incurs no additional costs for users, making it a convenient and cost-effective alternative to traditional payment methods.
EPI’s strategic acquisitions of the e-commerce payment network iDeal in the Netherlands and fintech company Payconiq International in Luxembourg have been pivotal in developing Wero. These acquisitions have enabled EPI to offer a unified payment platform across Europe, addressing the need for greater financial independence.
Challenges in Competing with US Rivals
Wero enters a competitive landscape dominated by US payment giants Visa, Mastercard, and PayPal. The urgency for Europe to develop its own cross-border payment system has grown in recent years, particularly after geopolitical events like the suspension of Visa and Mastercard services in Russia in 2022, which exposed Europe’s reliance on non-European payment systems.
While Wero has a strong foundation with backing from major European banks and its instant payment capabilities, its success will depend on widespread consumer adoption and strategic market expansion. “It would be very presumptuous to label Wero as a challenger,” said Martina Weimert, CEO of EPI, describing the initiative as “a kind of startup.”
Aiming for Financial Sovereignty
Despite the challenges, Wero represents a significant step toward achieving financial sovereignty for Europe. By offering a competitive alternative to US-dominated systems, the initiative seeks to align with the EU’s broader strategy for unity and economic independence within the Single Market.
