- Revolut becomes the first fintech to join the European Payments Initiative (EPI) and integrate Wero into its app.
- The Wero payment system aims to offer a pan-European alternative to dominant US-based digital wallets.
What happened: Revolut becomes first neobank to support Wero as EU pushes for digital payments independence
UK-based fintech firm Revolut has joined the European Payments Initiative (EPI), making it the first digital-only neobank to partner with the group. The move will see the integration of the EPI’s digital wallet, Wero, into Revolut’s app starting this summer. Wero enables account-to-account payments between users via mobile, functioning similarly to services like PayPal or Apple Pay, but is backed by a group of European banks.
The EPI, which launched in 2020, is supported by 16 major European banks and financial institutions, including BNP Paribas, Crédit Agricole, and Deutsche Bank. The initiative aims to create a unified European digital payment system independent of US tech platforms. Revolut’s 40 million users across Europe are now potential Wero users, significantly extending the reach of the system. EPI CEO Martina Weimert said the addition of Revolut “marks a major milestone in our journey towards a truly European payment solution.”
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Why this is important
Revolut’s participation signals an important shift in Europe’s payments strategy. It is the first time a fintech has joined the EPI, suggesting that private digital-first platforms are becoming integral to Europe’s financial infrastructure. With Apple Pay and PayPal dominating mobile payments, European regulators and banks have long expressed concern over dependency on non-EU providers.
The partnership may also enhance trust and visibility for Wero, a product that has yet to launch fully across all participating countries. Revolut’s scale offers an immediate user base, but it also adds pressure to ensure Wero delivers a competitive and secure experience. Given Revolut’s history of rapid rollout and agile updates, this could accelerate Wero’s adoption across the EU.
While Wero is still in its early stages, Revolut’s backing adds momentum at a time when cross-border digital payments are central to the EU’s Digital Finance Strategy. The long-term success of Wero could mark a turning point in the EU’s efforts to assert digital sovereignty in the financial sector.
