The European Payments Initiative is launching Wero: a payment application that will compete with Google Pay and Apple Pay, among others, and builds on Payconiq and iDeal.

The European Payments Initiative (EPI) is introducing Wero Wallet. Wero will be a payment solution similar to Payconiq in our country and iDeal in the Netherlands. However, Wero Wallet will work across national borders and is intended to be a secure European alternative to Google Pay and Apple Pay, among others.

Wero Wallet will initially have features that will be familiar to Payconiq users. This will allow you to transfer money to contacts without the need for an account number, which can be done via phone number or QR code.

In the long term, Wero will combine all important payment functions in the app. You can view your balance and view transactions. From 2025, you must also be able to pay retailers, both in-store and online. By 2026, in-store payments should be possible via the Wero Wallet, linked to a loyalty program if desired.

Initial availability

Wero Wallet is now available to customers of some German banks. This year the wallet will come to Belgium and France, followed by the Netherlands and Luxembourg. KBC will be our first provider. Employees of this bank have already been able to test the app. Belfius, BNP Paribas and ING will offer Wero later this year.

Since Wero Wallet is an initiative of the EPI, it is supported by European banks. In this sense, Wero will not really be a competitor to Payconiq or iDeal, but rather a successor. This implies that the application can theoretically appeal to a relatively large number of enthusiasts.

The big challenge will be to go beyond that and eventually compete with Google Pay and Apple Pay. These tools are now well established. That’s where EPI really has to compete with Wero. In this case, integration with local banks can be an advantage. After all, EPI was founded by ING, BNP Paribas, KBC, Belfius, Rabobank, among others; Deutsche Bank ABN-AMRO and also WorldLine.