EPI’s objective is to offer a consistent digital payment solution for all major retail use cases (P2P, POS, e- / m-commerce, and cash withdrawal) that can be used anywhere in Europe and to supersede the fragmented landscape that currently still exists. In doing so, EPI founders are responding to merchant and consumer communities that have been calling for payment initiatives to take a more pan-European approach.
EPI will first and foremost benefit European citizens, possibly boosting innovation in the world of payments. About 50% of retail payment transactions in Europe are still done by cash today. The EPI solution will also bring tangible benefits to European merchants, by offering them a seamless, competitive and unified payment solution for Europe being available to all European consumers.
The EPI solution will reinforce competition in the payment services market, currently dominated by a few big international schemes and players. The Covid19-crisis has confirmed the need for digital payment solutions in Europe. Therefore, EPI’s solution offering cards and digital Instant Payments will be ideally positioned to propose choice to consumers and merchants. EPI will offer a consistent solution for all participating countries, positioning as an alternative to existing international solutions.