The European Payments Initiative (EPI), backed by 16 European banks and payment service providers, has launched a new mobile-first wallet, Wero. German customers can now make instant money transfers from account to account between individuals, via their banking app.
The Wero wallet promises to simplify and expedite person-to-person (P2P) transactions, beginning with its initial rollout in Germany, followed by Belgium as well as France.
Wero’s debut in the German market, available first to customers of Sparkassen, Volksbanken and Raiffeisenbanken, aims to offer a seamless and speedy transaction experience. Deutsche Bank plans to introduce Wero to Postbank customers by the end of summer, expanding to its broader customer base later in the year.
By the end of July, KBC customers in Belgium will also gain access to Wero, with France following in the autumn after initial pilot testing.
How Wero works
At its core, Wero offers a straightforward P2P transaction service, enabling users to send and receive money within 10 seconds using just a phone number, a personal QR code, or an email address. This change eliminates the need for intermediary accounts, ensuring that funds transfer directly to the recipient’s bank account. The ease and speed of these transactions appeal to a wide range of users, from those splitting bills with friends to individuals making quick personal payments.
Wero’s ambitions, however, extend far beyond simple P2P transactions. The wallet fully integrates with the banking applications of EPI’s member banks, providing users with an overview of their account balance and spending in real-time This feature also aims to give users greater control over their finances, enabling them to manage their payments conveniently and securely from their bank account.
As the service evolves, Wero plans to introduce additional functionalities to cater to the diverse needs of its users. By 2025, the wallet will support payments to small businesses, online and invoice payments via QR codes, and the management of recurring payments for subscriptions and installments.
This will include the ability to pay in merchant apps at the point of sale without needing to go through a cashier. By 2026, Wero will add in-store payments at the cash register, buy-now-pay-later options, and merchant loyalty program integrations, further enhancing the wallet’s capabilities.
Independence
The introduction of Wero is seen as a crucial step towards enhancing Europe’s financial independence. Dr. Joachim Schmalzl, chairman of the board at EPI, highlighted that the launch of Wero is just the beginning.
He commented: “Further steps and functionalities will follow, gradually establishing wero as a central solution for all transactions. Our goal is to sustainably build this innovative solution, paving the way for a secure and efficient digital payment future in Europe.’
The EPI itself is a collaborative effort backed by 16 European banks and payment service providers. Their shared objective is to offer a unified digital payment service for all European businesses and citizens.
By focusing on instant account-to-account payments, Wero aims to streamline payments in Europe, reducing the reliance on intermediaries and the associated costs. Initially supporting P2P payments, Wero will also expand to P2Pro (person-to-professional) payments and payments for online and mobile purchases, eventually including point-of-sale payments and value-added services such as merchant loyalty programs and instant financing.
“wero’s aim in the future is to offer all kind of payments through a single wallet combining the simplicity, immediacy and security of the banks. We are excited that from now on we can progressively deliver new value through additional services to the European market,” Martina Weimert, CEO of EPI, also added.
