European Payments Initiative (EPI) has launched Wero, a new real-time payment system.

Wero allows money transfers using mobile phone numbers or email addresses, eliminating the need for IBAN numbers.

The service is currently available in Germany through Sparkassen, Volksbanken, and Raiffeisenbank.

Users can make instant, free transfers using phone numbers, QR codes, or email addresses, with transactions completing within 10 seconds.

Wero challenges the dominance of American payment giants like Visa and Mastercard.

The service will expand to Belgium and France, replacing Paylib in France by September.

EPI aims to provide a simple and convenient payment solution across Europe, starting with peer-to-peer transfers.

Expansion to online and mobile payments is planned by mid-2025.

The success of Wero hinges on attracting more European banks to join and achieving market critical mass.