EPI Unveils Wero: A New Instant Payment Wallet Launching in France, Set to Revolutionize European Digital Payments

EPI Unveils Wero: A New Instant Payment Wallet Launching in France, Set to Revolutionize European Digital Payments

(IN BRIEF) EPI (European Payments Initiative) has launched Wero, a new instant digital payment wallet in France. This app enables users to send and receive money instantly using just a phone number or email, with transactions processed in less than 10 seconds. Initially, Wero will be integrated into the apps of major French banks like BNP Paribas, Groupe BPCE, Crédit Agricole, and Société Générale. The app is expected to replace Paylib, which has over 35 million users, before being phased out by 2025. Wero will expand across Belgium, Luxembourg, and the Netherlands by the end of the year, with further development planned, including online payments, merchant transactions, and additional features like Buy Now-Pay Later options and loyalty programs. This initiative aims to provide a sovereign, unified, and secure payment system across Europe, enhancing customer control over their finances while adhering to European data privacy standards.

(PRESS RELEASE) PARIS, 1-Oct-2024 — /EuropaWire/ — The European Payments Initiative (EPI) has launched its digital payment wallet, Wero, in France, offering a new instant account-to-account payment solution. Through Wero, French customers from major banks like BNP Paribas, Groupe BPCE, Crédit Agricole, and Société Générale will be able to send and receive payments within 10 seconds using either their banking apps or the standalone Wero app, which will be available by mid-October 2024.

This launch represents EPI’s ambition to create a unified and secure European payment system, with plans to expand across Belgium, Luxembourg, and the Netherlands by the end of 2024. Wero aims to provide seamless payments for consumers, initially focusing on peer-to-peer (P2P) transfers and later expanding to include merchant payments, online transactions, and recurring payments such as subscriptions.

The initiative builds on the success of Paylib, which will be phased out by 2025, offering users a smooth transition to Wero with new features like “Money Request” and QR code payment options. With the involvement of major banks and financial institutions, Wero is expected to become a cornerstone of Europe’s digital payment landscape.

EPI plans to further develop the wallet in 2025 and beyond, including Buy Now-Pay Later options, merchant loyalty programs, and additional payment functionalities at major retailers, with tests for point-of-sale payments scheduled for 2026.

Martina Weimert, CEO of EPI, emphasized the significance of Wero in enhancing European financial sovereignty, stating, “Wero is a cutting-edge, sovereign solution designed by and for Europeans, offering a unified payment system that combines banking security and immediacy.”

Thierry Laborde, Deputy General Manager of BNP Paribas, and other bank executives echoed the importance of Wero in promoting European digital payment integration and innovation.

Wero’s launch marks a significant step towards providing EU citizens with a comprehensive and secure digital payment solution that simplifies daily transactions while fostering trust and innovation across Europe.

About EPI

EPI (European Payments Initiative) was created and is supported by 16 European banks and payment service providers. They joined forces with a common goal: to offer a unified digital payment service to all European businesses and citizens, Wero. The EPI aims to enable European consumers and merchants to make next-generation payments for all use cases in retail transactions via a digital wallet. Based on instant account-to-account payments, Wero will, in the future, streamline payments in Europe by eliminating intermediaries in the payment chain and the associated costs. Initially, Wero will support P2P payments. This first launch phase will be followed by P2Pro payments and e-commerce transactions features deployment. Later, Wero will feature functionalities like point-of-sale payments and value-added services such as merchant loyalty programs.

About Groupe BPCE

Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

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Media Contact:

Christophe Gilbert
Head of Press Relations and e reputation for Groupe BPCE
+33 (0)1 40 39 66 00
christophe.gilbert@bpce.fr

SOURCE: Groupe BPCE