Payconiq Gets Acquired By The European Payments Initiative  

Guido Vermeent, CEO of Payconiq International (Photo © Payconiq)

The European Payments Initiative (EPI) – a unified account-to-account instant payment solution developed in Europe – announces a first pilot launch, the acquisitions of Dutch payment scheme iDeal and Luxembourg payment solutions provider Payconiq as well as four new shareholders.

“We are delighted with this agreement with iDEAL and Payconiq. EPI will leverage the strong operational experience, know-how and local market knowledge of both companies to build an innovative solution, based on a new payment scheme and a new unified instant payment platform for Europe,” says Martina Weimert, CEO of EPI.

A unified digital wallet solution based on instant payment

EPI’s offering will consist of a digital wallet solution to cover all everyday payment uses that rely on instant payment, under a single brand at the European level. This solution aims to progressively cover all the use cases encountered in everyday life: firstly person-to-person (P2P) and person-to-professional (P2Pro) payments, then online purchases and finally point-of-sale payments.

Several payment methods will be possible: one-off transactions, subscriptions, instalments, payment on delivery and reservations. New innovative services will enrich the offer and the customer experience.

A first pilot covering more than half of all payments in the euro area

The digital wallet with person-to-person (P2P) payment will be launched in a pilot phase with the first users at the end of 2023, initially in two countries: Germany and France. The commercial launch in these two countries, plus Belgium, will follow next year. This area accounts for more than half of the non-cash retail payments in the Eurozone. Roll-out to other European countries is planned at a later stage.

In Luxembourg, the Payconiq payment solution is operated by PQI. This payment solution will continue to operate and serve its customers.

Four new shareholders and two acquisitions to collectively ensure European sovereignty in payments

By combining their expertise over the past two years, the current shareholders BFCM, BNP Paribas, BPCE, Crédit Agricole, Deutsche Bank, DSGV, ING, KBC, La Banque Postale, Nexi, Société Générale, and Worldline have demonstrated their determination and ambition to build the best solution to ensure European sovereignty in payments. They are delighted to welcome four new shareholders: Belfius and DZ Bank, who joined them at the end of 2022, while ABN Amro and Rabobank join ING today to complete the round of major Dutch banks.

“Payconiq is delighted to accelerate its mission to contribute to an innovative payment solution for consumers and businesses across Europe with EPI,” says Guido Vermeent, CEO of Payconiq International.

Designed for Europe by European payment leaders

The EPI solution is designed for Europe by European payment industry leaders and takes advantage of the instant account-to-account payment widely available on the continent. EPI will enable European banks and acquirers to deliver more value to customers and greater efficiency through direct and instantaneous payments between bank accounts. 

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