Nuvei announced that its eCommerce merchants have started processing transactions via Wero, the digital wallet of the European Payments Initiative (EPI). Wero is designed to deliver instant, secure account-to-account payments across Europe. Earlier, Nuvei were among the payment processors to complete a Wero transaction in a testing environment, and is now one of the processors to start processing merchant transactions.
Wero now reportedly enables instant A2A payments via SEPA Instant Credit Transfer protocols, enabling consumers “to pay directly from bank accounts.”
For merchants, adding Wero expands consumer choice “at checkout, reduces payment processing costs, and accelerates settlement, enhancing both conversion and cash flow.”
According to Statista, nearly 60% of European consumers say they “are more likely to complete an online purchase when offered their preferred local payment method.”
The Baymard Institute identifies lack of preferred payment options “as one of the top causes of cart abandonment, cited by over 9% of shoppers.”
Deloitte research further shows that merchants offering “a mix of payment methods can see conversion rate improvements of up to 20% and stronger customer loyalty.”
With (reported) more than 46 million users in Europe, “adoption of Wero as a preferred payment method in the region is already sizeable.”
More than 100 million P2P transactions, valued at “more than five billion euros, have already been completed via the digital wallet.”
Phil Fayer, Nuvei Chair and CEO, said that recently going live with Wero is yet another example of how Nuvei enables various merchants to offer the advanced and “locally relevant payment methods through a single integration.”
Fayer added that today’s consumers expect flexibility, speed, and security at checkout, and Wero delivers on all three.
They are pleased to help European merchants “like CamperDays capture more sales and build trust with their customers.”
Martina Weimert, CEO of EPI, stated that seeing Wero live in ecommerce checkouts through Nuvei is a key milestone for European payments. Wero simplifies the payment experience “for consumers while providing merchants with a cost-efficient alternative to traditional cards.”
Nuvei will bring an important contribution in “driving the adoption of a truly European payment solution that strengthens the continent’s financial sovereignty. We are looking forward this cooperation.”
This launch expands Nuvei’s continued expansion of its “alternative payment method (APM) portfolio, empowering merchants to offer localized, consumer-preferred experiences through a single integration.”
EPI (or European Payments Initiative) is supported by “16 European banks and payment service providers.”
They have teamed up with a common objective / goal: to offer “a unified mobile payment service, to European companies and citizens.”
EPI intends to enable European consumers and merchants and “to carry out all types of retail transactions simply, via a resolutely sovereign digital wallet.”
Based on instant account-to-account payments, Wero streamlines payments in Europe by eliminating “intermediaries in the payment chain and the associated additional costs.”
Wero supports payments between individuals, and will “unveil payments to professionals (P2Pro) and those for online and mobile purchases.”
Point-of-sale payments will reportedly be provided, and value-added services like merchant loyalty programs and recurring subscription management.
