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((short description|Pan-European payment system))
((Use British English|date=June 2020))
((Use dmy dates|date=June 2020))

((Infobox interbank network 
| name = European Payments Initiative
| logo = EPI Logo Lockup primary RGB.png
| logo_caption = European Payments Initiative official logo
| area = ((flagicon|EU)) [[Single Euro Payments Area]]
| foundation = 2020
| members = 20 major European banks
| website = ((URL|https://www.epicompany.eu/))
))

The '''European Payments Initiative''' ('''EPI'''), previously known as the '''Pan-European Payments System Initiative''' ('''PEPSI'''),<ref>((Cite web|last=Keohane|first=David|date=2021-06-09|title=Why Europe's banks want to end US dominance in payments|url=https://www.ft.com/content/61295d18-c77c-4c50-83a2-15e9ff0c4f4c|access-date=2021-06-23|website=www.ft.com|quote=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.))</ref> is a [[European Central Bank]]-backed payment-integration initiative aiming to create a pan-European [[payment system]] and [[interbank network]] to rival [[Mastercard]] and [[Visa Inc.|Visa]], and eventually replace national European payment schemes such as France's [[Groupement des Cartes Bancaires CB|Carte Bancaire]] and Germany's [[Girocard]].<ref>((Cite news|last=Arnold|first=Martin|title=ECB explores development of a digital currency|date=2019-11-26|url=https://www.ft.com/content/56db1f62-104b-11ea-a7e6-62bf4f9e548a|access-date=2020-06-29|newspaper=[[Financial Times]]|url-access=subscription))</ref>

It is supported by the [[European Commission]], and currently comprises fourteen major European banks and two acquirers (including all the [[Fédération Bancaire Française|major French banks]], [[Deutsche Bank]] in Germany.)<ref>((Cite news|last=Benhamou|first=Éric|date=2020-06-29|title=Paiements : vingt banques européennes lancent leur propre système|url=https://www.lesechos.fr/finance-marches/banque-assurances/paiements-vingt-banques-europeennes-lancent-leur-propre-systeme-1219280|access-date=2020-06-29|newspaper=[[Les Echos (France)|Les Echos]]|language=fr|url-access=subscription))</ref>

== First attempt ==
((See also|Euro Alliance of Payment Schemes))
((More citations needed section|date=September 2020))
The idea of introducing a pan-European card scheme within the [[Single Euro Payments Area]] was born around 2008. In 2010, major European banks from more than ten countries met at the "Madrid Symposium" to discuss the initiative and make plans to take it forward. By 2011, the Monnet Project had developed detailed technical and business plans for the merger of national payment schemes. By then, it included 24 banks drawn from seven countries. However, the proponents of the new system did not believe they could develop a viable business model that did not include commercially viable interchange fees for the participating banks, a concern they raised with the European Commission. The commission was unwilling to allow any movement that could erode free competition, and therefore refused to endorse any system, even a new entrant, with interchange fees that exceeded the low level that the commission was seeking.

Commercial interests prevailing over a pan-European solution, and in the absence of a clear source of income for the issuing banks, progress on the project was put to a halt. It was dissolved in April 2012 due to "the perceived absence of a viable business model", according to the European Central Bank.<ref>((Cite journal|last=Evans|first=David S.|author-link=David S. Evans|date=1 October 2014|title=How the Proposed Payments Legislation Will Restrain Competition Among Payment Card Schemes and Harm Consumers in the European Union|url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2503696|journal=[[Social Science Research Network]]|doi=10.2139/ssrn.2503696|ssrn=2503696 |s2cid=167639084 ))</ref>

== Partnerships ==
In July 2020, a group of 16 major European banks from five countries (Belgium, France, Germany, the Netherlands and Spain) announced their support and development programs for the European Payments Initiative (EPI). These banks include: [[BBVA]], [[BNP Paribas]], [[Groupe BPCE]], [[CaixaBank]], [[Commerzbank]], [[Crédit Agricole]], [[Crédit Mutuel]], [[Deutsche Bank]], [[Deutscher Sparkassen- und Giroverband]], [[DZ Bank]], [[ING]], [[KBC Group]], [[La Banque Postale]], [[Banco Santander]], [[Société Générale]] and [[UniCredit]].<ref>((Cite web|url=https://thepaypers.com/online-payments/major-eurozone-banks-start-the-implementation-phase-of-the-european-payments-initiative--1243309|title=Major Eurozone banks start the implementation phase of the European Payments Initiative|website=thepaypers.com))</ref> In 2021 more than 30 banks were member, including [[Bancontact Payconiq Company|Bancontact]]/[[Payconiq]].<ref>((Cite web|last=Dendooven|first=Pascal|title=Europa zet aanval op MasterCard en Visa in|url=https://www.standaard.be/cnt/dmf20210503_97403025|url-access=subscription|access-date=2021-05-04|website=De Standaard|language=nl))</ref> In mid-2020 it was expected that the first real-world applications - a system for real-time payments between consumers - could be launched in early 2022, with a broader payments tool to follow in the second half of 2022.<ref>((Cite news|title=Europe's largest banks plan joint attack on US payments giants|url=https://www.ft.com/content/f274255d-eb96-44fe-90e9-fe5532cc47ac|url-access=subscription|access-date=2021-05-04|newspaper=Financial Times|date=3 May 2021 ))</ref>

== Infrastructure ==
As it is based on the [[Single Euro Payments Area|SEPA]] instant credit transfer (SCT Inst) scheme, EPI's payment network can immediately capitalise on powerful and sophisticated existing infrastructures, such as the Eurosystem's [[TARGET2|TARGET]] Instant Payment Settlement (TIPS).<ref>((Cite journal|url=https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200702~214c52c76b.en.html|title=ECB welcomes initiative to launch new European payment solution|first=European Central|last=Bank|date=2 July 2020|via=www.ecb.europa.eu))</ref> The EPI will have a payment network, a wallet, and an international instant payments scheme as a replacement for domestic solutions such as [[Swish (payment)|Swish]], [[iDEAL]], Bizum and [[Blik]]. [[Contactless payment|NFC payments]] and [[QR code payment]] will be made available. The solution will be available through mobile banking integration, but also as a standalone app, and will contain currency conversion throughout the whole of Europe. The first countries where this will be implemented are Belgium, France and Germany.<ref>((Cite web|title=Exclusive interview with Martina Weimert, CEO of the EPI Interim Company|url=https://thepaypers.com/interviews/exclusive-interview-with-martina-weimert-ceo-of-the-epi-interim-company--1251230|access-date=2022-01-16|website=thepaypers.com|language=en))</ref>

== Acquisition iDEAL & Payconiq ==
EPI Company has acquired iDEAL and Payconiq International. EPI will initially enable person-to-person (P2P) and person-to-professional (P2Pro) payments, followed by online and mobile shopping payments and then point-of-sale payments. A comprehensive range of transaction types will be supported, including one-off payments, subscriptions, installments, payments upon delivery and reservations. Additionally, value-added services will be incorporated into the solution over time, including responsible ‘Buy Now, Pay Later’ (BNPL) financing, digital identity features and integration of merchant loyalty programmes. <ref>((Cite web |date=1 November 2023 |title=EPI acquires iDEAL and Payconiq International |url=https://thepaypers.com/online-mobile-banking/epi-acquires-ideal-and-payconiq-international--1265228 |access-date=2024-01-22 |website=The Paypers |language=en))</ref><ref>((Cite web |date=31 October 2023 |title=EPI successfully completes acquisition of iDEAL and Payconiq International  |url=https://www.epicompany.eu/epi-successfully-completes-acquisition-of-ideal-and-payconiq-international/ |access-date=2024-01-22 |website=Epi company |language=en))</ref>

The European Payments Initiative (EPI) has announced to launch under the name 'Wero' in France, Germany and Belgium in mid-2024, followed by the Netherlands. The rest of Europe will follow in subsequent years.<ref>((Cite web |last=Dumitrescu |first=Irina |date=2023-09-21 |title=European Payments Initiative selects "wero" as commercial name for its innovative digital wallet |url=https://www.epicompany.eu/european-payments-initiative-selects-wero-as-commercial-name-for-its-innovative-digital-wallet/ |access-date=2023-10-24 |website=European Payments Initiative |language=en-US))</ref>

== References ==
((Reflist))

== See also ==
* [[Euro Alliance of Payment Schemes]], a previous failed [[European Union|European]] attempt to unify European payment systems

((Credit cards))
((Interbank networks))
((Euro topics))
((Portal bar|European Union|Economy))

[[Category:Banking in Europe]]
[[Category:Banking in the European Union]]
[[Category:Credit card issuer associations]]
[[Category:Debit card issuer associations]]
[[Category:European Economic Area]]
[[Category:Eurozone]]
[[Category:Financial services in Europe]]
[[Category:Interbank networks]]
[[Category:Payment systems]]

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