EPI Rolls Out Wero Instant Payment Solution Across Western Europe
A new digital wallet and instant payment solution dubbed “Wero” is reportedly being rolled out across western Europe.
Backed by 16 of the European Union’s major banks and payment processors, Wero will allow consumers to pay with their own bank account, Bloomberg reported Friday (Sept. 27).
Wero aims to provide consumers with an alternative to Visa and Mastercard cards, according to the report.
“Visa and Mastercard being so big, they have in their hands a lot of market control power,” Martina Weimert, CEO of European Payments Initiative (EPI), the company behind Wero, said in the report.
Weimert added in the report that Wero is designed to “offer European players and consumers a European choice.”
While Wero has a long way to go before becoming a challenger to Visa and Mastercard, the firm can leverage 500 million euro ($553 million) in investments from its backers and access to the customers of the banks who are participating in the project, according to the report.
Mastercard CEO Michael Miebach said in the report that the company welcomes the entrance into the market of another solution.
“At the same time, we want to put out Mastercard payment solutions that give the consumer a reason to make a choice to use our product versus somebody else’s,” he added.
Charlotte Hogg, who leads Visa’s business in the region, said in the report: “The competitive landscape in Europe has never been richer and for me EPI is one of those solutions.”
EPI already rolled out Wero in Germany, marking a significant step toward creating a unified European payment system, according to the July edition of the PYMNTS Intelligence and The Clearing House collaboration, “Real-Time Payments World Map.”
Initially offered to customers of select banks, Wero enables rapid peer-to-peer (P2P) transactions via QR codes, email addresses or phone numbers, according to the report.
The report added that EPI would soon expand the Wero service to other European countries.
On Wero’s website, the company said: “We have big plans — Instant payments across borders to your family and friends is just the start of the Wero story. Soon you’ll be able to buy in-store and online with your Wero digital wallet, and even pay for your subscriptions. Stay tuned as we launch new services and expand to more European countries.”
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