EPI or European Payments Initiative is backed by 16 European banks and payment service providers. They have joined forces with a common objective: to offer a unified digital payment service for all European businesses and citizens, wero. EPI intends to enable European consumers and merchants to make next-generation payments for all types of retail transactions via a digital wallet. Based on instant account-to-account payments, wero will further streamline payments in Europe by eliminating intermediaries in the payment chain and the associated costs. Wero will initially support P2P payments. This will be followed by P2Pro payments and payments for online and mobile purchases. Point-of-sale payments will also be included, along with value-added services such as the integration of the merchant loyalty programmes and instant financing.
