payabl. Joins EPI, Brings A2A Payments to Wero's 43.5M Users
payabl. has joined the European Payments Initiative (EPI) and become a direct participant in Wero, a pan-European digital wallet with over 43.5 million users. This move comes as account-to-account (A2A) payments gain traction, offering cost savings, enhanced security, and near-instant settlement.
A2A payments, as seen in successful systems like Brazil's Pix and India's UPI, are increasingly attractive to consumers and merchants alike. They cut costs by eliminating intermediaries and provide near-instant settlement, making them a compelling alternative to traditional card networks.
Wero, used by over 43.5 million Europeans, offers fast, secure payments clearing in under 10 seconds, including cross-border transactions. This widespread adoption suggests a growing preference for digital wallets among early adopters. The convenience, speed, and security offered by Wero align with the top three drivers of payment choice for European consumers.
payabl.'s integration with Wero enables merchants and payment service providers (PSPs) across Europe to offer instant, secure A2A payments. This includes merchants outside the EU, allowing them to serve European shoppers with their preferred local payment methods. payabl. sees this partnership as the start of a new payments era, where Europe sets the benchmark for seamless, secure, and inclusive commerce.
The projected growth of A2A payments, from 60 billion transactions in 2024 to 186 billion by 2029, reflects the increasing willingness of consumers to switch to new payment methods. With 53% of European consumers open to switching and 30% seeking a faster checkout process, the stage is set for A2A payments to become a dominant force in European commerce.
payabl.'s partnership with Wero opens up new opportunities for merchants and PSPs to offer instant, secure A2A payments across Europe. As consumers increasingly seek convenience, speed, and security in their payment methods, A2A payments are poised to grow significantly in the coming years. With Europe leading the way, this could indeed mark the beginning of a new era in payments.
