The European Payments Initiative (EPI) has launched Wero, a cutting-edge digital payment wallet, in Germany. This service is a collaboration with founding members DSGV and DZ BANK, with Deutsche Bank set to join later this year. German customers can now enjoy instant, account-to-account money transfers through their banking applications.
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Announced on July 2, 2024, in Brussels, Wero is designed to provide a sovereign payment solution for consumers across Europe. Initially available to customers of German Sparkassen and Volksbanken Raiffeisenbanken, Wero will expand to Deutsche Bank’s Postbank customers by the end of summer. Belgium will see Wero’s launch by the end of July for KBC customers, followed by a rollout in France in September or October. All EPI bank members will adopt Wero within the next six months.
Wero’s first feature is person-to-person (P2P) transactions, enabling users to send and receive money within 10 seconds using just a phone number, email address, or an app-generated QR code. This service eliminates the need for intermediary accounts, making transfers seamless and instantaneous. Besides Germany, Wero will soon support cross-border payments, starting with Belgium and France, and later expanding to the Netherlands and Luxembourg.
Wero aims to evolve into a single, trusted wallet that consolidates all payment functionalities. Integrated with banking applications, it provides real-time account balance and spending overviews, ensuring secure and convenient payment management. In 2025, Wero will introduce new features, including payments to small professionals, online merchants, and invoice payments via QR code. It will also support managing recurring payments for subscriptions and installments, and in-app payments at points of sale without cashier intervention.
By 2026, Wero will incorporate in-store payments at cash registers and additional capabilities such as Buy Now-Pay Later options, merchant loyalty program integration, and expense sharing. These features are designed to enhance the user experience, making digital payments more versatile and user-friendly.
Martina Weimert, CEO of EPI, expressed enthusiasm about Wero’s launch: “We are delighted to announce the launch of Wero, starting with P2P transactions in Germany. Our goal is to progressively introduce new services, delivering greater value to the European market.”
Dr. Joachim Schmalzl, Chairman of the Board at EPI, emphasized Wero’s strategic importance: “The launch of Wero marks a significant step towards enhancing Europe’s financial independence. We aim to build a secure and efficient digital payment future in Europe.”
Wero represents a major advancement in digital payments, promising a seamless, secure, and comprehensive payment solution for users across Europe.
