Martina Weimert, the head of the European Payments Initiative (EPI) and the payments provider Wero, has sharply criticized the European Central Bank’s (ECB) plans for a digital euro. While acknowledging no inherent issue with the concept, Weimert pointed out that the timing of establishing European standards is significantly delayed.
Wero, which serves roughly 50 European banks, was tasked with setting these very standards. According to Weimert, creating a digital euro essentially means building a second payment infrastructure that will largely duplicate existing functions. Furthermore, she cautioned that depending on its final design, this new system risks being costly for both merchants and banks.
Instead, Weimert advocates for a model based on role division. She argues that the digital euro should function solely as a payment method that integrates with, or cooperates closely with, existing solutions like Wero. “We can offer the digital euro to consumers, but for that, we do not need a new ECB app in our markets” she stated, suggesting that the potential adoption rate for yet another dedicated mobile app might be low.
Wero functions as an effort by European banks to establish an alternative to major private players like PayPal, Mastercard, and Visa. Currently, the service has over 50 million customers across Europe, including 2.7 million in Germany. However, the source notes that Wero is currently operating at a loss. In 2024, the company’s parent organization reported losses exceeding 50 million euros, and according to Weimert, the project will likely require further financial injections until 2030 before it can achieve profitability.
Despite the need for sustained momentum, the rollout faces challenges. The solution is not yet implemented in brick-and-mortar retail settings, and the launch in online commerce has been slow. Weimert also criticized the reluctance of commercial businesses, stating that the EPI had placed too much faith in the planning capabilities of the trade companies and service providers, which was an error.
The digital euro is intended to provide a direct alternative to physical cash, and the ECB is strongly advancing its implementation. Under this system, users would be able to send money and shop in stores using the digital euro. The EU Parliament is set to vote on a legislative draft in June, aiming for the digital euro to become reality by 2029. Should this legislation pass, merchants could potentially be mandated to accept the digital euro, which would provide a significant advantage over private commercial alternatives like PayPal or even Wero.