EPI Launches Wero, Its European Digital Payment Wallet in France

Payments
30.09.2024 02:40 pm

European Payments Initiative (EPI), a a European player committed to offering a sovereign payment alternative to all consumers in the region, today announced the launch of Wero. The European instant account-to-account payment solution will be available to French customers of BNP Paribas, Groupe BPCE, Crédit Agricole, Crédit Mutuel Alliance Fédérale, Crédit Mutuel Arkéa, La Banque Postale and Société Générale, as well as many of their subsidiaries. While most banks will initially offer Wero via their applications, La Banque Postale customers will be able to make payments using the Wero application, developed by EPI. It will be available in all smartphone application shops from the second half of October 2024. The first Wero brand campaign will be launched in France on October 14th.

Some banks, such as SG (Groupe Société Générale), will be integrating these two functions from the initial roll-out.
KBC-CBC and Belfius have already made the Wero service available to their customers.

The launch of the person-to-person (P2P) service will enable users with a French bank account to send and receive money simply and instantly, using just a telephone number or email address. Wero will take over from Paylib, whose 35 million registered users will be offered a simple switch to the European payment service before Paylib is discontinued in early 2025. The plan is to integrate new functionalities later, such as the “Money Request” function and the generation of individual QR codes so that users do not have to give their phone number when making a person-to-person payment.

Following the start of the solution in Germany in July 2024, users from both countries will now be able to make cross-border payments between the already rolled-out participating banks and their customers. In Belgium, all member banks will have deployed the solution by the end of the year. Luxemburg and the Netherlands will follow in a subsequent step.

The promise of the Wero service is simple: to offer a single, secure mobile payment wallet that will eventually encompass all the payment functionalities required by a user in Europe. Thanks to its integration with member banks, consumers can use Wero via their usual banking application or the standalone application developed by EPI. Wero will give users a complete overview of their spending in real-time, enabling them to centralize all their payments simply and securely.

Beyond the P2P use case, EPI’s ambition with Wero is to integrate new functionalities from 2025, as it is rolled out to merchants. This will include payment at small retailers using the Wero wallet, before online payment on merchant sites and recurring payments management (such as subscriptions). Point-of-sale payments at major retailers are also included in the wallet's development plans, with tests scheduled for 2026. Other value-added services, such as Buy Now-Pay Later (staggered payments), the integration of merchant loyalty programs, and shared spending, are also in the pipeline.

In 3 to 4 years, Wero will be a single European payment wallet offering everyone the opportunity to take greater control of their finances, simply and securely, while respecting their needs on data confidentiality and compliance with European regulations.

"We're delighted to announce the launch of Wero in France. We aim to simplify life and payments. Wero is unique. It's a cutting-edge, sovereign solution, designed by and for Europeans, that enables all types of payment to be featured in one single payment solution, starting with person-to-person payments, while incorporating the promise of immediacy and banking security. We have arrived at the right moment in the era of digital payments, offering the solution that Europeans expect for their payments"
Martina Weimert, CEO of EPI.

"Wero meets the strategic challenge of creating a European payment platform in a highly competitive global environment. It will offer customers more value and simplicity for their day-to-day payments in France and partner countries. Already launched in Germany and now in France, we are delighted that Belgium, Luxembourg, and the Netherlands will soon be joining us, and we look forward to welcoming any other countries wishing to take part in this European initiative."
Thierry Laborde, Chief Operating Officer of BNP Paribas