Belgian Banks Join European Payments Initiative to Expand Wero Wallet: What You Need to Know?

What is the European Payments Initiative (EPI)?

The European Payments Initiative (EPI) is a consortium of 16 major European banks and payment service providers, including BNP Paribas, Deutsche Bank, and ING Group, founded in 2020 to create a unified, European-led payment system.

Its goal is to reduce Europe’s reliance on U.S.-dominated payment networks like Visa and Mastercard by offering a secure, efficient, and sovereign alternative for cross-border payments. EPI’s flagship product, the Wero digital wallet, aims to simplify transactions across Europe, supporting both consumers and businesses.

What is the Wero Digital Wallet?

Wero is a digital wallet launched by EPI in July 2024, designed for instant account-to-account (A2A) payments using SEPA Instant Credit Transfer protocols. It allows users to send and receive money in real time via a phone number, QR code, or email address, integrated directly into their bank’s mobile app or as a standalone app.

With over 40 million registered users in Belgium, France, and Germany, Wero is expanding to include features like e-commerce payments (planned for late 2025), in-store payments, subscription management, and loyalty programs by 2026.

Wero’s key features include:

• Instant Payments: Transactions complete within 10 seconds, ideal for fast-paced commerce.

• Pan-European Reach: Compatible with IBAN-based transfers and QR code standards across EU markets.

• Sovereignty: Built on European infrastructure to enhance financial independence and comply with regulations like the EU’s Markets in Crypto-Assets (MiCA).

Why Did Belgian Banks Join EPI?

The decision by Argenta, Bank Van Breda, Beobank, Crelan, and vdk bank to join EPI reflects strategic and practical motivations:

• Expanding Wero’s Reach: These banks serve diverse customer bases, including individuals, entrepreneurs, and small businesses in Belgium. By adopting Wero, they aim to offer a fast, secure, and intuitive payment solution that aligns with modern digital banking needs, enhancing customer experience.

• Strengthening European Financial Sovereignty: Joining EPI supports the EU’s goal of reducing dependence on non-European payment networks, fostering a competitive alternative that prioritizes regional control and security.

• Leveraging Local Trust: These banks build on the success of Payconiq, a popular Belgian payment platform acquired by EPI in 2023, to ensure a smooth transition to Wero and maintain customer trust.

• Preparing for Future Commerce: With Wero set to introduce e-commerce and in-store payment capabilities by 2025–2026, these banks are positioning themselves to meet growing demand for seamless cross-border transactions, especially for businesses engaged in international trade.

Why the 2026 Rollout Timeline?

The rollout of Wero by these Belgian banks is scheduled for the first half of 2026, which may seem delayed compared to its earlier launch in Belgium, France, and Germany in 2024. The reasons for this timeline include:

• Integration Challenges: Integrating Wero into each bank’s existing systems requires significant technical adjustments, including updates to mobile apps and compliance with SEPA Instant protocols. This process demands time to ensure security and reliability.

• Phased Expansion: EPI is strategically expanding Wero across Europe, prioritizing larger markets initially (e.g., France, Germany) before scaling to additional banks in Belgium and other countries like Luxembourg and the Netherlands. The 2026 timeline aligns with similar rollouts, such as Luxembourg’s planned launch by June 2026.

• Building on Payconiq’s Transition: The acquisition of Payconiq, a widely used payment system in Belgium, requires a gradual migration to Wero to avoid disrupting existing users. This transition is planned to be complete by 2026, ensuring a seamless shift.

• Regulatory Compliance: The banks must align with EU regulations, such as the Instant Payments Regulation and MiCA, which necessitates thorough preparation to meet security and consumer protection standards.

Why This Matters for Businesses and ConsumersThe Belgian banks’ integration into EPI and the Wero rollout have significant implications:

• Faster Cross-Border Transactions: Wero’s instant A2A payments will streamline settlements for businesses, reducing delays in international trade and improving cash flow. This is particularly valuable for SMEs trading across EU borders.

• Lower Costs: By bypassing traditional card networks, Wero could reduce transaction fees, making cross-border payments more affordable for businesses and consumers.

• Enhanced Accessibility: With five additional Belgian banks offering Wero, more customers—individuals, entrepreneurs, and professionals—will access a unified payment platform, increasing its adoption across Europe.

• Support for E-Commerce and Beyond: Wero’s planned e-commerce features (late 2025) and in-store payments (2026) will enable businesses to accept payments seamlessly across online and physical channels, boosting trade efficiency.

• Strengthening EU Competitiveness: By supporting a European payment solution, these banks contribute to reducing reliance on global players, fostering innovation and financial resilience in the EU.

Challenges and Considerations: While promising, Wero’s expansion faces hurdles:

• Limited Bank Participation: Only 16 banks currently back EPI, and broader adoption is needed for Wero to compete with Visa and Mastercard.

• Merchant Access: Businesses must hold accounts with EPI-member banks to use Wero, which could limit adoption unless more banks join.

• Competition: Wero must differentiate itself from established players like PayPal and emerging fintechs like Revolut, which also joined EPI in 2025.

Conclusion

The decision by five Belgian banks to join the European Payments Initiative and roll out Wero in 2026 is a pivotal step toward a unified, efficient, and sovereign payment system for Europe. By enabling instant cross-border payments, Wero supports businesses and consumers, particularly in trade, by reducing costs and delays. The 2026 timeline reflects careful integration and regulatory alignment, building on Belgium’s trusted payment infrastructure like Payconiq. As Wero expands with e-commerce and in-store features, it could reshape how Europeans transact, making it a development to watch.