Its aim is to allow European consumers and merchants to make next-generation payments for all types of person-to-person transfers and retail transactions via a digital wallet, called Wero.

The European Payments initiative was first suggested as a response to threats to the independence of international financial service infrastructure which could force the American companies MasterCard and VISA to cut off access to their networks in Europe.

These threats led European institutions to launch a second initiative to create an independent payment system.

Value-added services will be incorporated into the solution over time, including responsible ‘Buy Now, Pay Later’ (BNPL) financing, digital identity features (allowing the tracking of consumers in every EU country and the blocking of payments when needed) and the integration of merchant loyalty programmes.

EPI Company acquired the payment providers Currence iDEAL BV and Payconiq International SA in October 2023.