European Payments Initiative acquires iDeal and Payconiq
By Gloria Methri
The European Payments Initiative (EPI) has confirmed its acquisition of Dutch payment solution iDEAL and payment solutions provider Payconiq International (PQI). iDEAL and PQI will join forces to realise EPI’s vision to set up a new, innovative, and unified payment solution for Europe.
PQI is a Luxemburg-based payment solutions provider that serves iDEAL in the Netherlands, Bancontact Payconiq Company in Belgium, and Payconiq in Luxembourg. The new EPI product will be a multi-faceted digital wallet solution and an instant, account-to-account payment means unified across European countries.
The e-wallet with person-to-person (P2P) payment functionality will be launched in a pilot phase by the end of 2023 across France and Germany. A broader market launch in Belgium, France, and Germany will happen in early 2024.
The wallet will support a range of transaction types including one-off payments, subscriptions, installments, payments upon delivery, and reservations. Additionally, value-added services will be incorporated into the solution over time, including ‘Buy Now, Pay Later’ (BNPL) financing, digital identity features, and integration of merchant loyalty programs.
The EPI shareholders—BFCM, BNP Paribas, BPCE, Crédit Agricole, Deutsche Bank, DSGV, ING, KBC, La Banque Postale, Nexi, Société Générale, and Worldline— have expressed determination to build a solution that will ensure Europe’s payment sovereignty.
Martina Weimert, CEO of EPI Company, “EPI is delighted to welcome Currence iDEAL and PQI. Together we will join forces to realise EPI’s vision as we build an innovative solution based on a new, unified instant payment scheme and platform for Europe. EPI will leverage the strong operational experience, know-how, and local market knowledge of these companies. We are developing a new, scalable platform to address the modern and evolving payment needs of European consumers and merchants in the best possible way, with efficient, state-of-the-art technology.”
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