Concerns that a U.S. administration might restrict Europe's access to American payments infrastructure are accelerating interest in a homegrown alternative, the chief executive of the European Payments Initiative (EPI) said in a recent interview.
Brussels-based EPI developed Wero as a European alternative to existing international card and wallet providers such as Mastercard, Visa and Apple Pay, which currently dominate in-store payments across much of the continent. The initiative began in 2020 when 16 large European banks and payment companies joined forces; founders include banks such as BNP Paribas and Deutsche Bank. Since then the membership has grown to 45, and newer participants include fintechs and payment firms such as Mollie, Worldpay and the digital bank N26.
EPI's chief executive, Martina Weimert, said there is a palpable sense of urgency among some market participants about reducing dependence on U.S. firms. Asked whether merchants were preparing for a scenario in which the Trump administration could cut Europe off from parts of the U.S. financial ecosystem, she replied, "absolutely," adding that two large merchants had cited international resilience as a reason for adopting Wero.
Weimert warned that such actions are not purely hypothetical, saying, "It’s not like this is out of the blue, totally vague scenario. Those things can happen very quickly." Her remarks underscore why some European players are seeking alternatives to long-standing third-party providers of card and wallet infrastructure.
Despite the momentum in membership and rising user numbers, Wero faces significant challenges. Launched in 2024, the platform so far supports only peer-to-peer transfers. By contrast, international card schemes remain dominant in retail payments: according to the European Central Bank, Visa and Mastercard account for about two-thirds of card transactions in the euro area.
In addition, national schemes backed by banks in markets such as Spain and Italy present a potential for fragmentation rather than seamless integration, even though those domestic initiatives have expressed intent to cooperate on a pan-European solution.
Wero is currently available to customers in Belgium, France and Germany. EPI reports that its number of users rose to 52.5 million from 43.5 million in September, a notable increase but still a modest slice of overall European payments activity. The project has set plans to expand into Luxembourg and the Netherlands within the next year.
On the question of the digital euro, which the European Central Bank has indicated it plans to issue in 2029, Weimert said she does not view a central bank digital currency as a rival to Wero. Instead, she described the digital euro as something that could be integrated into Wero's wallet. That said, she expressed concern about the timetable, noting the potential mismatch between urgency around European payment sovereignty and the multi-year rollout of a central bank digital currency.
She put the concern in blunt terms: "I don’t have a problem with the digital euro. What I find quite strange is that in the current context, where we clearly every day would say, 'Oh, we have a problem with European sovereignty,' to say, 'Oh, let’s wait another five years before the digital euro is there and then hope that this will work.'"
As Wero expands functionality and geography, it will need to convert membership momentum into merchant acceptance and broader consumer usage beyond peer-to-peer transfers. At the same time, the platform must navigate competition from entrenched international card networks, national schemes, and the mechanical and policy timeline for any future digital euro.