Money 20/20: EPI details drive on Wero with Worldline and Revolut
Revolut users in France, Belgium, and Germany will be able to send and request payments using EPI's digital wallet, Wero, from July.
0
Speaking at Money20/20 Europe in Amsterdam, Ludovic Francesconi, chief member and strategy officer at EPI, and David Tirado, VP of global business at Revolut, announced that Revolut will join as a member of the EPI scheme.
'Our mission is to create a real European solution, wallet, innovative solution based on instant payment,' Francesconi stated. Wero, which has been available since 2024, provides a localised and convenient payment method for consumers. The platform currently enables account-to-account payments for over 40 million users, and the five markets covered by Wero represent more than 60% of all retail payments in the EU. The Wero wallet will be featured in the Revolut app in July, facilitating seamless payments between Wero account holders.
Tirado emphasised Revolut's commitment to implementing a seamless payments experience for their consumers: 'We are really focusing on getting primacy of wallets. We are focusing on getting our customers to use Revolut every single day for every single payment experience that they have effectively, we think that enabling local payments is something that is really needed and that our users are demanding day after day. We have in the past launched other local payment networks like Bizum in Spain and BLIK. We think that the next evolution of our journey to enable our customers to pay where and how they want, is to partner with Wero.'
EPI also announced a collaboration with Worldline, that will allow emerchants to accept Wero in Germany. Francesconi outlined Wero's priority to launch e-commerce payments through Worldline at the end of this year in Germany and Belgium, and in 2026 in France. EPI have acquired e-commerce solutions iDEAL in the Netherlands and Payconiq in Luxembourg, which will be available with Wero. By the end of next year, they aim to offer point of sales as well.
Speaking exclusively to Finextra, Francesconi detailed the drive behind Wero and the EPI roadmap, he outlined their goal to standardise the fragmented payments landscape in Europe and bring sovereignty to payments solutions. He further emphasised the disorganized nature of cross-border transactions in Europe, that needs to be amended immediately and cannot wait until the roll out of the digital euro.
'In the current geopolitical situation, it's even more important to be independent in terms of payments, including for cross-border transactions in Europe. We have strong solutions at national level, but we don't have anything European for cross-border payments. When you go from France to Spain, Germany, or Netherlands, you have to use American solutions, unless if you use cash. But the use of cash is decreasing, and in terms of digital payments, there is no solution. So we want to bring this sovereign solution to Europe and so build this new innovative wallet. The ambition is to cover all of Europe, but we start with these five markets.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
Metal industry group says new EU state aid rules fail to help
BRUSSELS, June 6 (Reuters) - European Commission plans to revamp state aid rules overlook heavy industry, critical to processing energy transition metals, as they fail to mitigate high energy costs while green rules could penalise them, a metals industry group said in a letter on Friday. The Commission is due to announce new state aid rules on June 26 after a public consultation on its February proposal. "While we are committed to industrial decarbonisation, a framework that is over-focused on this objective and fails to concurrently and robustly address the competitiveness of energy-intensive industries would be a critical error," industry group Eurometaux said in the letter. The group sent the letter this week to Commission President Ursula von der Leyen and the commissioners in charge of climate, industry, energy and competition. The new rules are part of the Commission's goal to revitalise Europe's flailing industries with its Clean Industrial Deal. The spike in energy costs over the last few years due to the loss of Russian natural gas has hit European industry hard. The share of energy has risen to 60% of total operational costs for some smelters versus 40% prior to the 2021-2022 energy crisis. The high costs make the sector increasingly uncompetitive at a time when the EU wants to reduce its over-dependence on third countries, namely China, for strategic materials key to clean tech and power grid infrastructure. U.S. rivals benefit from cheap gas and Chinese firms from massive state aid across the supply chain. "Measures substantially addressing our sectors' competitiveness are absent from the proposed framework. The adopted Clean Industry State Aid Framework must go beyond for immediate support to energy intensives, to cope with very high energy prices," the letter states. "There are currently no mechanisms helping electricity consumers switch to consuming low-carbon electricity sources." Heavy industry cannot fully take advantage of the bloc's rising renewable energy output due to location and daily variability, forcing them to rely on expensive fossil fuels. The draft rules could exclude companies from state benefits owing to their indirect electricity emissions. Further, the letter calls for the Commission to support the return of idled capacity such as Slovalco's aluminium smelter in Slovakia. "Failure to act will inevitably lead to a further loss of our industrial capacity," the group said in its letter.
Daily Mail
3 hours ago
- Daily Mail
Liverpool's summer pursuit of Florian Wirtz takes another twist with Bayer Leverkusen 'embroiled in a million-dollar dispute' - as Reds look to sign playmaker despite £110m bid rejected
The Florian Wirtz transfer saga has taken another twist with Liverpool still working to complete a deal for the Bayer Leverkusen midfielder. The Reds remain in negotiations with Leverkusen over the player with the German club wanting £120million. Liverpool are currently at £109m but Wirtz has made it clear he wants the move after being convinced by Arne Slot of a plan of where he will play in Liverpool's set-up as a No 10. Should the Reds accept to Bayer's demands, Wirtz would become the most expensive signing in British football, overtaking the £115m Chelsea paid Brighton for Moises Caicedo. However, another stumbling block has appeared in the form of a statement from Koln president Werner Wolf. Wirtz joined Koln as a child in 2010 before making the controversial switch to Leverkusen 10 years later as a 17-year-old. According to FIFA's rules, any club that has played a role in a player's development between the age of 12 and 23 will receive five per cent of any transfer fee as 'training compensation'. Wirtz was at Koln for nine-and-a-half years from the age of seven and Wolf says his club are going to fight for what they feel they deserve. Five per cent of the fee would see Koln pocket more than £5million from what could be a record transfer. As per BILD, Wolf said: 'Of course, we are looking into it. We know what we are entitled to and will fight for it.
Reuters
3 hours ago
- Reuters
US tariff policy could cost Germany 90,000 jobs within a year, says labour office chief
BERLIN, June 6 (Reuters) - U.S. tariff policy could cost Germany 90,000 jobs within a year, the country's labour office head told Sueddeutsche Zeitung newspaper in an interview released on Friday. Federal Employment Agency chief Andrea Nahles was citing the Institute for Employment Research (IAB) and other institutes, which conducted research on the effect of a 25% tariff rate. "The problem is this lack of predictability, which is doing us massive damage - it prevents companies from investing, hiring and training people," Nahles told the newspaper. "The erratic trade policy of the USA is a burden on the German labour market." Last month, unemployment in Europe's largest economy rose at a faster pace than expected, with the number of people out of work approaching the 3 million mark for the first time in a decade. Economic malaise in Germany has put pressure on the job market even against a backdrop of long-term labour shortages, adding to pressure on conservative Chancellor Friedrich Merz, who has vowed to pull the economy out of a two-year decline. U.S. President Donald Trump's tariffs could deal a major blow to those efforts - possibly putting the German economy on track for a third straight year of recession for the first time in the country's post-war history.
