The European Payments Initiative (EPI) is a collaborative effort backed by 16 European banks and financial services companies to create Wero, a digital payment solution tailored for Europe. EPI aims to enhance the efficiency of payments by leveraging existing instant account-to-account payment infrastructures, thereby removing intermediaries in the payment flow. The initiative focuses on enabling next-generation payments for consumers and merchants across various retail transactions, starting with person-to-person and person-to-professional payments, and expanding to online and mobile shopping, as well as point-of-sale transactions. EPI's goal is to establish a unified and innovative payment standard in Europe, addressing the fragmented payment landscape and fulfilling the demand for a comprehensive payment solution.
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