CEO of ING, Pinar Abay, advocates for increased pace in developing the European payment system, Wero.
In a call for action, Pinar Abay, an executive at ING Group and a member of the board of the European Payment Initiative (EPI), is advocating for European banks to speed up development and show compromise in establishing the joint payment system Wero. The aim is to create a seamless, pan-European digital wallet that offers instant, cost-efficient payments across the continent, reducing reliance on non-European card networks and cutting merchant fees.
Launched in 2024 as part of the European Payments Initiative (EPI), Wero is supported by many major banks and aims to provide a simple and trustable payment system that integrates instant person-to-person transfers and will soon expand to e-commerce and physical store payments. To realize its full potential and wide adoption, banks need to collaborate and compromise on interoperability, common standards, and rollout speed, as delays or fragmentation could undermine the goal of a truly unified European payment infrastructure.
Competition with established card schemes and private payment apps, cost reduction for merchants, consumer trust and convenience, and cross-border integration are key reasons for this urgency and call for compromise. Wero must compete with established card schemes that charge merchants high fees (1-2%) and with private payment apps, so a fast and coordinated rollout is crucial to gain market share and trust. Instant payments without card fees benefit merchants significantly, especially in sectors with narrow margins. Consumers generally trust local banks, so a bank-backed unified wallet like Wero promises greater adoption if delivered seamlessly. To fulfill Europe’s vision of easy cross-border payments, banks must align on technical and operational standards quickly; compromise is needed as different countries and banks have their own legacy systems and preferences.
Pinar Abay emphasizes the need for everyone to be ready to make some sacrifices on the path to a unified payment system. She hopes for a new dynamic in cooperation with other markets like Italy, Spain, and other countries. The focus should be on creating a unified European payment system, rather than on individual opinions.
Currently, Wero is accessible in Germany, Belgium, and France, with talks underway for Austria. Given the global context, Europe needs to act quickly in establishing Wero. Pinar Abay calls for more industry cooperation and pragmatism in establishing Wero to fulfill the European Payments Initiative's vision of a pan-European, integrated, cost-effective digital payment system.
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