A new initiative to offer instant payments throughout Europe starting by the end of 2023, the European Payments Initiative (EPI), announced on Tuesday that it has picked up two payment firms, and acquired the backing of additional banks, following the scaling down of its plan to take on U.S. payment titans Visa and Mastercard.

The initiative announced that it is expected to acquire Dutch payments system Currence iDEAL, as well as Luxembourg-based payment solutions provider PQI, which services iDEAL.

In addition, it revealed that its existing backers, including BNP Paribas, BPCE, Credit Agricole, Deutsche Bank and Societe Generale, have been joined by new backers Belfius, DZ Bank, ABN Amro and Rabobank.

Martina Weimert, chief executive of EPI company said, “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.”

EPI had initially planned to unveil its European alternative to the dominant transnational card payments systems Visa and Mastercard last year, however its plans fell apart after half of the banks which had joined it left.

EPI then reworked its plan, narrowing its focus on developing a digital wallet by creating a single system which would offer instant, account to account payments throughout the European Union.

By the end of 2023, the first users will see the wallet launch in a pilot phase across France and Germany. By early 2024, it will launch across a broader market which will include Belgium.

EPI noted, “These markets together represent more than half of all non-cash payments in the euro area. Expansion to other European countries will follow.” 

Later on, it is expected that online and mobile shopping payments will be added, as well as subscription installments and various payment schemes, such as buy now, pay later, or installment plans.