European Payment Platform Gains Ground Amid Trump Administration Concerns

The CEO of European Payments Initiative says worries about potential Trump administration restrictions on U.S. payment systems are driving more European businesses to adopt their alternative platform, Wero. The Brussels-based company created Wero to compete with American-dominated services like Visa, Mastercard, and Apple Pay in European markets.

Concerns about potential restrictions from the Trump administration on European access to American payment systems are driving increased interest in a European alternative, according to the head of the European Payments Initiative.

Martina Weimert, CEO of the Brussels-based organization, told Reuters that European businesses are showing greater urgency in reducing their dependence on U.S.-based financial companies. When asked whether merchants are preparing for possible cuts to American financial system access under Trump’s leadership, Weimert responded “absolutely” and noted that two major retailers specifically mentioned international resilience as their motivation for adopting Wero.

“It’s not like this is out of the blue, totally vague scenario,” Weimert explained, adding that such changes can occur rapidly.

The European Payments Initiative developed Wero as a rival to the American companies that currently control European in-store transactions – Mastercard, Visa, and Apple Pay. Originally established in 2020 by 16 major European financial institutions including BNP Paribas and Deutsche Bank, the consortium has expanded to 45 members, with recent additions including fintech companies Mollie, Worldpay, and N26.

Trump’s “America First” approach, which has strained traditional Atlantic partnerships and challenged established global systems, has prompted European Union initiatives to decrease reliance on American corporations across critical sectors including payments and technology.

Despite launching in 2024, Wero confronts significant challenges in the marketplace. Currently limited to person-to-person money transfers, it competes against established international card networks that handle two-thirds of eurozone card payments, according to European Central Bank data.

Additional complications arise from separate national payment systems supported by banks in Spain and Italy, creating potential market fragmentation despite commitments to work toward a unified European platform.

Wero currently serves customers across Belgium, France, and Germany, with user numbers climbing from 43.5 million in September to 52.5 million – still representing a small portion of Europe’s payment market. The company plans expansion into Luxembourg and the Netherlands within the coming year.

Regarding the European Central Bank’s planned digital euro launch in 2029, Weimert views it as complementary rather than competitive, suggesting it could integrate with Wero’s digital wallet. However, she questions whether the timeline is adequate given current circumstances.

“I don’t have a problem with the digital euro. What I find quite strange is that in the current context, where we clearly every day would say, ‘Oh, we have a problem with European sovereignty,’ to say, ‘Oh, let’s wait another five years before the digital euro is there and then hope that this will work,'” she stated.