payabl. has announced that it has joined the European Payments Initiative in order to expand Wero access for merchants and PSPs.
Following this announcement, the financial technology provider is set to become one of the licensed members of the European Payments Initiative (EPI) as well as a direct participant in Wero, EPI’s newly launched pan-European, fast, and secure digital wallet.
Through the process of integrating as a direct acquirer, payabl. is set to enable merchants, as well as other payment service providers (PSPs), across the region of Europe to offer instant, secure account-to-account (A2A) payments. This aims to cut costs at checkout while giving customers the speed and convenience they need as well.
More information on payabl.’s initiative to join the EPI
According to the official press release, payabl.’s integration underlines the strong momentum behind Wero as Europe’s trusted digital wallet. At the same time, by joining at this early stage, payabl. is set to optimise the manner in which this initiative accelerates access to instant, secure account-to-account payments across borders, as well as make everyday commerce more convenient for consumers and more cost-efficient for merchants and businesses.
In addition, the integration with Wero will enable payabl. to enable merchants across Europe to access a new way to provide instant, A2A payments that will meet the needs, preferences, and demands of clients and customers. At the same time, it will also be developing new choices for users, reducing costs, building loyalty in a highly competitive market, while also remaining compliant with the regulatory requirements and laws of the industry.
Furthermore, a research from payabl.’s State of European Checkouts report showed that 53% of consumers are willing to switch to new payment methods, while 30% would do so for a faster checkout process, and the top three drivers of payment choice are convenience (20%), speed (18%) and security (17%), far outweighing habit (9%) or widespread acceptance (11%). These findings underline that Europeans are active decision-makers in the way they pay, and they are ready for developments if they deliver improvements.
With this in mind, payabl.’s partnership with Wero is expected to ensure that businesses and merchants can meet these expectations. In addition, through the process of reducing checkout friction and enabling real-time settlement, merchants will be given the possibility to attract, convert, and retain customers in a market where loyalty is hard-won and easily lost.
