EuroPA launches instant payments across Southern Europe

The initiative enables instant transactions between users in Italy, Portugal, Spain, and Andorra using mobile phone numbers, expanding interoperability between domestic payment systems. 

The rollout allows users of the participating payment schemes to send and receive funds internationally through their existing mobile applications, replicating the experience of domestic transfers. The service is expected to facilitate everyday transactions such as reimbursements and financial support between users in different countries.

Expansion and market reach 

The initiative connects over 50 million users and 186 financial institutions across the four countries. By June 2025, all participating banks are expected to be fully integrated into the system. This collaboration is positioned to compete with global payment networks in terms of scale and accessibility. 

In 2024, according to Paymentscardsandmobile.com, the Bancomat, Bizum, and MB WAY platforms processed more than 2 billion transactions, accounting for over 65% of instant payments in their respective national markets. 

EuroPA operates under the SEPA Instant Credit Transfer (SCT Inst) framework, supporting the European Union’s objective of financial sovereignty by reducing reliance on international card networks and supporting euro-denominated payment solutions. The initiative follows a regional strategy to enhance European financial infrastructure, similar to efforts such as the European Payments Initiative (EPI). However, EuroPA differs by building on existing national platforms rather than establishing a new payment system. 

Future developments may include the expansion of the service beyond the eurozone and the introduction of new functionalities such as merchant payments and request-to-pay services.