Belgian Banks Join European Digital Wallet Effort Wero

A group of Belgian banks have signed onto Europe’s digital wallet project Wero.

Argenta, Bank Van Breda, Beobank, Crelan, and vdk bank are all planning to begin offering the digital wallet and instant account-to-account (A2A) payment solution starting next year, the European Payments Initiative (EPI) announced Sunday (July 6).

“Wero is about Europe, and it starts with the ‘we’ — the people — in their daily lives and local communities,” Martina Weimert, CEO of the EPI Company, said in a news release.

“That’s why I’m particularly proud to see the number of members trusting us is growing. These new members’ local presence and close relationship with their customers will be essential to making Wero a trusted part of everyday payments across the continent.”

The EPI launched Wero last year with the banking of several European Union banks and payment processors. The project is designed to offer consumers an alternative to Visa and Mastercard cards.

“Visa and Mastercard being so big, they have in their hands a lot of market control power,” Weimert told Bloomberg News at the time.

Since then, a number of high-profile FinTechs have joined the program, including Revolut and Nuvei, which said in May it would begin integrating Wero into its online checkout platform for eCommerce merchants.

The expansion of Wero comes at a time when digital wallets are showing promise for businesses dealing with tariff-related headaches, as PYMNTS wrote last month.

“Digital wallets can reduce payment processing times from days to minutes,” that report said. “For SMBs seeking to build trust with international customers or suppliers, the ability to pay — or be paid — nearly instantly confers a tangible advantage. Fast money fosters goodwill.”

Meanwhile, additional research by PYMNTS Intelligence and Ingo Payments shows the growing prominence of digital wallets.

“While bank accounts hold the top spot for preference, digital wallets are emerging as a destination for instant disbursements,” PYMNTS wrote last week. “The use of digital wallets for instant payments has increased, with 15% of receivers using them most often in January, up from 7.8% a year prior.”

This growth is being driven by PayPal, which 7.4% of receivers used most often for instant payments in January. The increasing popularity of digital wallets for receiving funds instantly shows that consumers appreciate the flexibility and convenience they offer, especially when it comes to quick transfers and easy spending.

The post Belgian Banks Join European Digital Wallet Effort Wero appeared first on PYMNTS.com.