EPI Launches Wero: A Digital Wallet and Instant Payments Solution in Germany

Discover the latest innovation from The European Payments Initiative with the launch of Wero, a digital wallet and instant account-to-account payments solution in Germany.

The European Payments Initiative (EPI) has officially launched Wero, its innovative digital wallet and instant account-to-account payments solution, marking a significant step forward in the realm of digital payments. The initial rollout of Wero is currently underway in Germany, with customers of the German Savings Banks Association (DSVG) and DZ Bank being the first to access this cutting-edge solution. Following this, Wero is set to be introduced to customers of Postbank and the retail arm of Deutsche Bank, Germany's largest bank, by the end of summer.

Comprised of 16 European member banks and payment service providers, the EPI has united with the common objective of providing a seamless digital payment service for all European businesses and citizens. In the coming months, Wero is scheduled to make its debut in Belgium through bank-insurance group KBC in July, with a subsequent launch in France planned for September or October. These phased introductions will pave the way for a full-scale rollout among the EPI's member banks, which include institutions from the Netherlands, the UK, Spain, and Italy, within the next six months.

Initially, users of Wero will have the ability to conduct person-to-person (P2P) transactions in under 10 seconds using a QR code, email address, or phone number. The functionality of Wero will then be expanded to encompass the transfer and request of funds to and from third parties, as well as facilitate cross-border payments between users. By 2025, Wero is projected to support direct in-wallet payments to small and medium-sized enterprises (SMEs), online merchant payments via QR codes, and the management of recurring payments. Subsequent enhancements in 2026 will include in-store payments, expense sharing, program integration, and buy now, pay later (BNPL) capabilities.

The launch of Wero by the European Payments Initiative represents a significant advancement in the realm of digital payments, offering a comprehensive and user-friendly solution for businesses and individuals across Europe. With its innovative features and planned expansions, Wero is poised to revolutionize the way transactions are conducted and pave the way for a more seamless and efficient payment ecosystem.