Payment revolution in the EU. Revolut supports the European wallet
Revolut enters the vero – the European payment system. New functions will appear in the application in Germany, France and Belgium.
Revolut, one of the largest fintech players in Europe, joined the European Payment Initiative (EPI). In his application there will be new functions related to services under the Wero brand – a mobile portfolio that is to be the response of Europe to the dominance of Visa and Mastercard.
European agreement
The Wero project took on real shapes in 2024, after years of plans and conversations. Institutions focused as part of EPIE are behind its implementation. The system initially only offered the possibility of fast P2P transfers, acting on a principle similar to Polish BLIK, but to a limited extent. At the beginning, users in Germany and then in France gained access to these services.
The beginning of 2025 brought payment tests in e-commerce as part of vero. Currently, 40 million customers in Europe already use the services of Wero. In the next stages, it is planned to launch full service of online payments (in the second half of 2025), and then extend the functionality to payments in stationary stores and support for subscription – scheduled for 2026.
Revolut joins the project as an important partner. Customers of this platform, initially in France, Belgium and Germany, will be able to use the services of vero directly from the application. Free transfers between system users will be available to start, and with time – subsequent functions developed as part of the project.
Payment initiative
The European payment initiative is not the only initiative of this type. The importance of the Europe alliance – the agreement of payment institutions from Italy, Spain and Portugal is also growing, to which Polish BLIK recently joined. The purpose of these activities is to create local payment solutions resistant to the dominance of global giants.
As the data collected by Flagship Advisory Partners show, the participation of global m-portfers based on cards is growing in Europe. In countries such as Denmark, Sweden or Norway, this is even at the expense of national payment systems. Initiatives such as vero and Europe are to counteract this trend.
