Europe's Payments Initiative Targets Mastercard's Two-Thirds Share with 130M-User Hub
MA•The European Payments Initiative launched Wero and signed an MOU uniting 13 national schemes into a hub reaching 130 million users, with cross-border transfers due 2026 and e-commerce in 2027. The ECB accelerates its digital euro settlement layer to strengthen monetary sovereignty and reduce reliance on U.S. and Chinese rails.
1. European Payments Initiative Launches Wero
The European Payments Initiative introduced Wero, an instant account-to-account wallet, marking its first live consumer offering aimed at reducing dependence on international card schemes. Wero is designed to work across existing bank accounts and payment networks to streamline peer-to-peer and merchant transactions.
2. EuroPA Alliance Interoperability Hub MOU
On February 2, EPI and the EuroPA alliance—which links Bizum, Bancomat, MB WAY and Vipps MobilePay—signed a memorandum of understanding to create an interoperability hub. The combined network targets roughly 130 million users across 13 EU countries, integrating national systems under unified governance rules.
3. Scheduled Service Rollouts
EPI plans to enable cross-border peer-to-peer payments through the new hub in 2026, followed by e-commerce and point-of-sale expansion in 2027. These phases aim to offer a credible alternative to Visa and Mastercard rails by owning scheme rules and governance within Europe.
4. ECB Digital Euro Development
The European Central Bank is advancing its digital euro as a public settlement layer to bolster monetary sovereignty and resilience. Positioned as a central infrastructure project, the digital euro seeks to reduce Europe's reliance on payment networks headquartered outside the bloc.
