The European Payments Initiative takes a significant stride towards enhancing European payment processes by acquiring iDeal. This move aims to consolidate various payment systems under one unified brand, simplifying transactions and reducing reliance on foreign solutions.
The European Payments Initiative (EPI), a commercial platform supported by 14 European banks, including ING, and two major European payments companies, takes the next step toward building a pan-European payment solution under one brand.
The aim: to simplify the payment process in Europe, which currently involves numerous disconnected systems and relies too much on foreign solutions. As part of the endeavour, EPI is acquiring Currence iDEAL and Payconiq International from their respective stakeholders, but the financial details of the transactions will not be disclosed.
EPI plans to create the new pan-European platform with the help of PQI and iDEAL's expertise in local markets. The platform will include a digital wallet with P2P payment capabilities and is expected to launch commercially by the end of 2023. Initially, it will be available in Belgium, France, and Germany, which account for over 50% of all retail payments in the EU. The current iDEAL solution will be gradually migrated to the new platform.EPI plans to create a new pan-European platform with the help of PQI and iDEAL's expertise in local markets. The platform will include a digital wallet with P2P payment capabilities and is expected to launch commercially by the end of 2023. Initially, it will be available in Belgium, France, and Germany, which account for over 50% of all retail payments in the EU. The current iDEAL solution will be gradually migrated to the new platform.
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