European Payments Initiative

European Payments Initiative
Operating area	Single Euro Payments Area
Members	20 major European banks
Founded	2020
Website	www.epicompany.eu

The European Payments Initiative (EPI), previously known as the Pan-European Payments System Initiative (PEPSI),^[1] is a unified digital payment service backed by 16 European banks and payment service providers. Its aim is to allow European consumers and merchants to make next-generation payments for all types of person-to-person transfers and retail transactions via a digital wallet, called Wero. Wero is based on instant account-to-account payments and will eliminate intermediaries in the payment chain and associated costs.

It is supported by the European Commission, and currently comprises fourteen major European banks and two acquirers (including all the major French banks, Deutsche Bank in Germany. ^[2]

^ Keohane, David (9 June 2021). "Why Europe's banks want to end US dominance in payments". www.ft.com. Retrieved 23 June 2021. It got off to a rocky start last summer when US soft drinks group PepsiCo objected to its proposed name: The Pan-European Payment System Initiative, or, PEPSI.
^ Benhamou, Éric (29 June 2020). "Paiements : vingt banques européennes lancent leur propre système". Les Echos (in French). Retrieved 29 June 2020.

[1] Keohane, David (9 June 2021). "Why Europe's banks want to end US dominance in payments". www.ft.com. Retrieved 23 June 2021. It got off to a rocky start last summer when US soft drinks group PepsiCo objected to its proposed name: The Pan-European Payment System Initiative, or, PEPSI.

[2] Benhamou, Éric (29 June 2020). "Paiements : vingt banques européennes lancent leur propre système". Les Echos (in French). Retrieved 29 June 2020.

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