The European Payments Initiative (EPI) plans to start mobile-to-mobile payments in 2024, with other mobile payments to follow.
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Frankfurt A new alternative to Visa and Paypal: 16 European financial service providers, including Deutsche Bank and the savings banks, want to start a new EU payment system at the beginning of 2024. Banks from Belgium, Germany and France will then launch an app for mobile-to-mobile payments. German and French financial institutions want to get started at the end of this year with a pilot phase. Other countries are to follow, as the European Payments Initiative (EPI) announced on Tuesday.
At the end of 2024, EPI wants to offer payment in online shops and in the course of 2025 also payments at the point of sale. “Then customers will be able to use both their bank card – in Germany, for example, the Girocard – as well as debit and credit cards from international providers for EPI,” EPI boss Martina Weimert told Handelsblatt. Because in addition to account-to-account payments, EPI will enable the integration of the cards.
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