The European Payments Initiative (EPI) is stepping up its campaign to secure Europe’s financial independence by inviting collaboration with other local payment schemes in a bold effort to reduce reliance on U.S. card networks and Big Tech platforms.
Backed by major European banks, including BNP Paribas, the EPI’s flagship product—the Wero wallet—already serves over 40 million users across the continent. Currently enabled for peer-to-peer and person-to-professional (P2Pro) payments, Wero is positioning itself as a cornerstone of a European-controlled digital payment infrastructure.
The next phase in EPI’s roadmap is ambitious: by summer 2025, the wallet will enable e-commerce payments in Germany and Belgium, with France and the Netherlands soon to follow. By the end of 2026, the initiative aims to support a fully integrated suite of use cases, including point-of-sale payments, in-store checkouts, omni-channel commerce, and even invoice-based transactions.
BNP Paribas COO Thierry Laborde makes the strategic stakes clear: “Sovereignty in payments is no longer a future ambition—it is a European necessity. And today, with EPI Company, we have a solution designed by Europeans, for Europeans.”
At present, Visa and Mastercard process 65% of euro area card payments. Meanwhile, U.S. tech firms like Apple, Google, and PayPal continue to gain market share across Europe. This overdependence has prompted concern among EU policymakers. As European Central Bank chief economist Philip Lane warned, the dominance of foreign players poses “risks of economic pressure and coercion,” and limits Europe’s control over its financial infrastructure.
Despite the rapid expansion of Wero, Laborde acknowledges the competitive landscape, noting that no single brand can cover all needs across a fragmented continent. He emphasizes that collaboration is essential, stating: “Our strength lies in cooperation. We are ready to work hand in hand with local European digital payment networks to build a shared merchant acceptance infrastructure.”
The EPI echoes this inclusive vision: “The 16 European shareholders supporting EPI believe that by uniting current initiatives, we can achieve broad payment sovereignty across Europe—leveraging the strong customer base we’ve already built.”
With the support of financial institutions and a growing user base, EPI is mounting a serious challenge to reshape Europe’s payments ecosystem around shared values of independence, integration, and resilience.