EPI digital wallet already available in Germany
The European Payments Initiative (EPI) has launched its digital wallet. With Wero BankingTech, you can pay quickly and easily.
The product is only available in Germany and is undergoing the necessary tests. There are plans for the product to be available in other EU countries over time. Customers of DSVG, DZ Bank and Volksbanken Raiffeisenbanken are currently using the wallet. The developer promises to launch the solution for Postbank and Deutsche Bank soon.
Plans to roll out the solution
EPI comprises 16 European financial institutions and payment service providers. It aims to create a single service for digital payments that will be available to businesses and European Union citizens.
The association’s immediate plans include launching a wallet in Belgium. Its partner is KBC, which provides banking and insurance services. Wero will then be available in France.
The wallet will gradually spread to other countries, including the Netherlands, the United Kingdom, Spain, and Italy, thanks to partner banks. The project authors promise that the services will be available in these countries within six months.
Initially, Wero users will be able to make P2P payments. For this purpose, customers of the wallet will be able to choose from three options:
– QR code;
– email;
– phone number.
Soon, the solution’s functionality will expand, and various operations will become available. For example, users will be able to transfer money to different countries or request a transfer from other people. Cross-border payments will also become available.
Benefits of Wero
In 2025, users can use the wallet to pay small and medium-sized enterprises directly. In addition, the following transactions will be available:
– online transactions with merchants via QR code;
– management of recurring payment transactions;
– cost-sharing capabilities;
– integration with other programmes;
– BNPL feature, which allows you to pay for items later.
EPI director Martina Weimert states that the wallet will enable all payment transactions in a single application. Given the conservatism of European users, the developers have decided to introduce the FinTech functions gradually. To this end, EPI is gradually familiarising people with the product’s capabilities, giving them time to master the functionality. Over time, all types of payments can be made through a wallet. As a result, Wero will help centralise digital transactions within a region.
The developers are particularly concerned about the product’s security. The project authors guarantee a high level of personal data protection for both the sender and the recipient.
Weimert believes that Wero’s launch is the first step in transforming the FinTech sector in Europe. In addition, the wallet demonstrates the EU’s desire for financial independence.
