A European mobile payment initiative backed by major EU banks is expanding beyond peer-to-peer transfers into retail transactions, positioning itself as a direct competitor to US payment giants Visa and Mastercard, French broadcaster BFM TV reported on Wednesday, February 25, 2026.
The European Payments Initiative (EPI), branded as Wero, was initially launched in late 2024 for instant person-to-person transfers using just a phone number, QR code, or email address. Now, the consortium—comprising 16 leading European banks including France’s BNP Paribas, BPCE, Crédit Agricole, and Société Générale—plans to enable retail payments, starting with online purchases in France.
According to EPI CEO Martina Weimert, users will soon be able to select a “Wero” button at checkout on participating e-commerce websites, scan a QR code, and confirm payment directly on their phones in seconds—without entering card details. The system is expected to roll out for online retail in France in the coming months.
Physical in-store payments will follow, initially via QR codes and later through contactless technology (NFC) by 2027. Weimert emphasized simplicity: “Today, at merchants, you cannot pay with an instant transfer. Tomorrow, with us, you will be able to do it in an extremely simple way, with your phone.”
A key selling point for merchants is cost: Wero is positioned as “significantly cheaper” than Visa and Mastercard. While EU regulations cap interchange fees at 0.2% for debit cards and 0.3% for credit cards, additional network fees charged by US schemes (estimated at 0.05%–0.15% per transaction) flow directly to those companies. EPI aims to reduce or eliminate such extra costs, offering a more attractive alternative for retailers.
The initiative arrives amid growing European concerns over dependence on US-based payment infrastructure, including Visa, Mastercard, and tech platforms like Apple Pay and Google Pay. EU policymakers have increasingly highlighted issues of economic sovereignty, data control, and strategic autonomy in financial services—especially in light of geopolitical tensions and the risk of extraterritorial sanctions or service disruptions.
Wero’s expansion also intersects with ongoing discussions around the European Central Bank’s proposed retail digital euro. Weimert confirmed that talks continue on potential public-private partnerships, though no final agreement has been reached. Separately, French tax authorities are considering allowing Wero payments for tax obligations by 2028, which could further boost adoption.
Currently, Wero supports near-instant transfers in France, Germany, Belgium, and the Netherlands, with plans for broader rollout across the eurozone. The consortium aims to capture a meaningful share of the retail payments market, where card schemes have long dominated.
Industry observers note that success will depend on merchant adoption, user experience, seamless integration with existing point-of-sale systems, and competitive pricing. While early peer-to-peer adoption has been promising, breaking into the entrenched retail space—where Visa and Mastercard benefit from global network effects and widespread acceptance—remains a formidable challenge.
The move reflects a broader push by European financial institutions and regulators to build sovereign digital payment infrastructure capable of competing with global tech and card giants.
