In a renewed effort to reclaim Europe’s financial autonomy, the European Payments Initiative (EPI) is intensifying efforts to unify the continent’s fragmented digital payments landscape and reduce reliance on U.S.-dominated card schemes and Big Tech platforms. Backed by major institutions including BNP Paribas, EPI is advocating for a coordinated European strategy that strengthens regulatory compliance, cross-border payment infrastructure, and financial sovereignty.

The initiative’s digital wallet, Wero, already boasts over 40 million enrolled customers and supports real-time peer-to-peer (P2P) and peer-to-professional (P2Pro) transactions. With support from a consortium of leading European banks, EPI now aims to roll out e-commerce payment capabilities by mid-2025, starting in Germany and Belgium, and later expanding to France and the Netherlands. By 2026, the roadmap includes omni-channel payment integration, in-store point-of-sale (POS) solutions, and invoice payments, reinforcing the continent’s strategic independence in financial services.

Thierry Laborde, Chief Operating Officer at BNP Paribas, emphasized the urgency of the mission: “Sovereignty in payments is no longer a future ambition—it is a European necessity. With EPI Company, we have a solution built by Europeans, for Europeans.”

Today, Visa and Mastercard account for 65% of card payments in the euro area, while U.S. technology firms such as Apple, Google, and PayPal are rapidly expanding their influence across European retail and digital commerce. This heavy dependence, according to European Central Bank Chief Economist Philip Lane, “poses a threat to Europe’s strategic autonomy and compromises control over critical financial infrastructure.”

In contrast to a “one-size-fits-all” model, EPI acknowledges that regional payment solutions already exist across European markets. However, the initiative views interoperability, regulatory alignment, and shared infrastructure as key to scaling a secure, unified framework.

“Our strength lies in collaboration,” Laborde asserted. “EPI is ready to partner with local payment networks to create a merchant acceptance infrastructure that ensures compliance automation, cross-border functionality, and regulatory reporting compatibility.”

The EPI’s call for unity comes with support from its 16 European shareholders, who believe that greater collaboration across existing digital payment schemes can bring Europe closer to regulatory sovereignty, leveraging existing user bases while innovating through scalable, compliance-driven financial solutions.

As Europe navigates increasing regulatory complexity and geopolitical pressures, initiatives like EPI underscore the importance of Governance, Risk, and Compliance (GRC) strategies in shaping the future of digital payments and RegTech-powered financial ecosystems.