Wero: Europe’s New Digital Wallet Revolution

The European Payments Initiative (EPI) has introduced Wero, a digital wallet and instant account-to-account payment solution, initially available in Germany, reports Fintech Futures.

Currently, customers of the German Savings Banks Association (DSVG) and DZ Bank, the central institution of the Volksbanken Raiffeisenbanken Cooperative Financial Network, can access the solution. A similar launch with Postbank and Deutsche Bank's retail arm, Germany's largest bank, is planned for the end of summer.

EPI comprises 16 European member banks and payment service providers, united with the aim of providing a unified digital payment service for all European businesses and citizens.

Looking ahead, EPI plans to roll out Wero in Belgium through the bank-insurance group KBC by the end of July, followed by a launch in France in either September or October.

These staggered launches will culminate in a full-scale rollout among EPI's member banks, including those from the Netherlands, the UK, Spain, and Italy, within the next six months.

Initially, Wero users will be able to complete person-to-person (P2P) transactions in under 10 seconds using a QR code, email address, or phone number. The service will later expand to include money transfers and requests to and from third parties, as well as cross-border payments.

By 2025, Wero is expected to support direct in-wallet payments to SMEs, online merchant payments via QR code, and the management of recurring payments. In-store payment, expense sharing, program integration, and buy now, pay later (BNPL) capabilities will be added the following year. Martina Weimert, CEO of EPI, states that the initial focus on P2P payments aims to "familiarize consumers with Wero," with the goal of eventually offering "all kinds of payments through a single wallet combining the simplicity, immediacy, and security of the banks."

EPI chairman Dr. Joachim Schmalzl describes the launch as a significant step toward enhancing Europe’s financial independence, adding that further features will gradually establish Wero as a central solution for all transactions.