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The European Payments Initiative (EPI) has officially launched its digital payment wallet, Wero, in France, following its launch in Germany during July. 

The account-to-account service, which has garnered much praise and support from EU regulators, will be integrated into the apps of major French retail banks and be accessible via the standalone Wero app.

The Wero service is initially available through major French banks, including BNP Paribas, Groupe BPCE, Crédit Agricole, Crédit Mutuel Alliance Fédérale, Crédit Mutuel Arkéa, La Banque Postale and Société Générale. 

"We're delighted to announce the launch of Wero in France. We aim to simplify life and payments,” said Martina Weimert, CEO of EPI.

Describing the Wero product as “unique” and “cutting-edge”, Weimert said that it is a “sovereign solution, designed by and for Europeans”.

“We have arrived at the right moment in the era of digital payments, offering the solution that Europeans expect for their payments,” she said. 

Although most banks will integrate Wero into their existing apps, La Banque Postale customers will have direct access to Wero through a standalone app developed by EPI. 

The Wero app will be available in smartphone app stores from mid-October 2024, with the first marketing campaign scheduled for October 14.

The rollout of Wero across French banks will proceed as follows:

• BNP Paribas: October 24, 2024
• Groupe BPCE: September 2 to October 2, 2024
• Crédit Agricole: September 26, 2024
• Crédit Mutuel Alliance Fédérale: September 25 to November 6, 2024
• Crédit Mutuel Arkéa: January 2025
• La Banque Postale: October 28, 2024
• Société Générale: October 24, 2024

Some banks, such as Société Générale, are launching with both payment functions fully integrated from the start. In Belgium, banks such as KBC-CBC and Belfius have already begun offering Wero to their customers.

Movement at last

The progress made by EPI will likely trigger a sigh of relief from bankers and regulators alike. Key EU figures such as the European Commission’s competition chief Margrethe Vestager and representatives from the European Central Bank had thrown their support behind EPI to help encourage more competition in the EU’s payments sector, while also increasing sovereignty and less dependency on international card schemes. 

However, it had a slow start in 2020, with some banks opting to depart the initiative in 2022 before Weimert announced that it was ditching plans to offer a card solution. 

Weimert also used public appearances to call for regulatory pauses and the use of public sector funds. 

Things began to look more positive for EPI when it was able to acquire Dutch mobile payments solution iDEAL and, since then, the Wero solution has begun its rollout. 

“Wero meets the strategic challenge of creating a European payment platform in a highly competitive global environment,” said Thierry Laborde, chief operating officer of BNP Paribas. 

“It will offer customers more value and simplicity for their day-to-day payments in France and partner countries. Already launched in Germany and now in France, we are delighted that Belgium, Luxembourg, and the Netherlands will soon be joining us, and we look forward to welcoming any other countries wishing to take part in this European initiative.”

The value of Wero

Wero’s ultimate aim — beyond the political goal of European sovereignty — is to simplify payments and provide real-time visibility of spending. 

Initially focused on peer-to-peer (P2P) transactions, the wallet will evolve to include payments at small retailers by 2025, with a broader rollout to online merchants and recurring payments planned thereafter. 

Future development will include point-of-sale payments at large retailers, as well as features such as buy now, pay later (BNPL), merchant loyalty programme integration, and shared spending.

“The launch of Wero in France represents a key step towards strengthening European sovereignty in the financial sector,” said Eric Petitgand, general manager at Crédit Mutuel Alliance Fédérale.

Petitgrand summarised that the initiative “not only strengthens consumer confidence by offering standardised and secure payment solutions, but also contributes to the growth of the European economy by facilitating faster and more reliable transactions, while promoting innovation and competitiveness on our continent”.