And so it happened: on November 19, 2024, the European Payments Initiative (EPI) officially launched Wero, its innovative digital payment wallet, in Belgium. The plans for a pan-European Payments Initiative (remember PEPSI?) date back to November 2019. But now, 5 years later, the launch of Wero in the third market, Belgium, marks a significant milestone in the European banking landscape.

Will EPI redefine payments across the continent, consolidating existing systems and providing a sovereign alternative to American payment giants?

I see very good reasons why it can.

A Unified European Payment Vision

Wero embodies EPI's ambition to create a unified, seamless, and secure digital payment solution for Europe. By integrating features such as instant account-to-account transfers, QR code payments, and cross-border functionality, Wero promised to simplify the fragmented payment ecosystem in Europe. The platform has already demonstrated success in Germany and France. Belgium is the third market on the roadmap. The Netherlands and Luxembourg will follow shortly.

That may not sound like a lot, but it is much larger market than the Baltics, or Southern Europe, to name a few, both regions with their own ambitions.

Martina Weimert, CEO of EPI, stated: “The successful launches of Wero in France, Germany and Belgium, and soon in The Netherlands and Luxembourg too, represent two thirds of all digital payments in Europe. When looking at these numbers, it’s only logical Wero will be launched in numerous other European countries in the near future as well.”

By the end of the year, Wero will have an addressable market of a minimum 80% in Germany, France and Belgium, and that is just the start of it. So yes, the ambitions are high, but so is its starting point.

A Seamless Transition from Payconiq

Belgium, already familiar with mobile payment systems like Payconiq, is well-positioned for this transformation. Wero will initially coexist with Payconiq before fully replacing it after 15-18 months. For consumers, nothing changes—Payconiq users can continue to scan Wero QR codes within their trusted app to send or receive payments from friends, pay online using Bancontact, or settle transactions in-store via the Payconiq QR code. The Payconiq by Bancontact app will remain available in the foreseeable future.

That is smart because payments are very cultural, and people don’t like change. I had a coffee earlier this week, and still, for many, the QR code remains an impossible challenge. These people will eventually be convinced, but please don’t ask them to be convinced twice. Payments are a commodity, and we don’t like to think about commodities, they need to work instinctively. Having a new solution without realising it is the best way to enter a market if you ask me.

Merchants, too, are unaffected in the short term, as the current Payconiq QR codes will continue to function without interruption or pricing changes. Over time, the platform will evolve to support the acceptance of Wero payments in stores, ensuring merchants can smoothly transition to the European payment solution while maintaining continuity for their customers.

Nathalie Vandepeute, CEO of Bancontact Payconiq Company, emphasized the smooth transition: “This collaboration reflects our ambition to maintain Belgium’s leading role in mobile payments.”

With its integration into existing banking apps, Wero offers users familiarity and simplicity. Payments can be made using QR codes or smartphone contact lists, allowing consumers to focus on convenience without adopting new systems.

Strategic Collaboration and European Sovereignty

While Wero’s current focus is peer-to-peer (P2P) transactions, its roadmap is extensive. It will start with QR-code payments, but also a new feature: the possibility to pay mobile contacts, connecting phone numbers with bank accounts through a technical link.

I’m not convinced this is the killer app, but there is also the addition of emojis in the payments message, as EPI believes it will add a fun factor to payments.

Later on the roadmap, planned features include e-commerce capabilities, in-store payments, subscription management, and even advanced functionalities like one-click payments and no-show fees.

Ivo De Meersman of KBC highlighted Wero's potential: “Customers expect immediate payment results, and Wero fulfils this need, soon extending to online payments.”

The success of new payment solutions has two angles: you cannot ignore the chicken and the egg dilemma; you must have both consumers and merchants on board for a success story. In this respect, it is hopeful to hear that merchants seem to be looking forward to a European contender to challenge the international schemes.

The collaboration between Bancontact Payconiq Company and EPI underscores a broader European strategy to assert sovereignty in payments. By leveraging shared technological infrastructure and local expertise, Wero can scale rapidly while retaining European control over sensitive financial data.

EPI’s vision also addresses consumer demand for seamless international payments. With Wero, vacationers may soon no longer worry about payment compatibility abroad, a pain point with current national systems. However, that will remain a pain point until vacation destinations also accept Wero as a payment option.

Conclusion

Wero represents a bold step forward in unifying Europe's fragmented payment landscape. Addressing the needs of consumers, merchants, and banks has a serious chance of becoming a cornerstone of European payments. Its initial rollout in Belgium, France, and Germany, with imminent expansion to the Netherlands and Luxembourg, underscores its ambition to create a seamless, secure, and sovereign payment solution for all Europeans.

This initiative comes at a time when mobile-first solutions are increasingly dominating the payments industry. Wero simplifies cross-border payments and strengthens Europe’s position as an innovator and leader in digital financial services.

With its comprehensive roadmap of features, strategic partnerships, and consumer-centric approach, Wero will soon be well-equipped to challenge global payment giants while offering a distinctly European alternative. In the coming months and years, it will be interesting to gain more insights into the volume growth to fully grasp the success of what hopefully becomes a new payments standard across Europe.

Wero's success could redefine how Europe pays, enabling a future where one payment solution connects the continent.

Join our flagship event, The Banking Scene Conference Brussels on May 22, 2025 for further insights into "Shaping the Future: EPI, Instant Payments and the Card Scheme Challenge" plus further top-of-mind topics in our dedicated Payments, Banking and Fraud content tracks - see the schedule on the link above and secure your seat today!