2024-08-14 10:36:05
A new payment system is intended to compete with market leaders Paypal and Apple. The service is now available in Germany – but not for everyone.
The new European payment system Wero of the European Payments Initiative (EPI) has been launched. To start with, the majority of savings banks and cooperative banks in Germany are enabling mobile payments from one cell phone to another with Wero.
Unlike a conventional transfer, Wero users do not need the recipient’s 22-digit account number (IBAN). Instead, they can use a mobile phone number or email address to transfer money in real time.
Real time means that the money is credited to the recipient’s account within ten seconds. From 2025, it will also be possible to pay with Wero online and from 2026 in retail stores.
The Belgian bank KBC is also involved in the Wero launch. Other partner banks from the Netherlands and France are to follow.
EPI member Deutsche Bank, its subsidiary Postbank and ING Bank are not yet on board. However, experts expect a launch here this year. The Postbank logo can already be seen on the Wero website.
On the other hand, Commerzbank and neo-banks such as N26, which do not participate in EPI and Wero, are left out.
Wero is operated by the European Payments Initiative (EPI), a joint venture between 14 banks and two payment companies. The partners want to compete against large US financial groups such as Mastercard, Visa and Paypal.
In addition, the advance of Apple Pay and Google Pay should be stopped. One example is the smartphone payment solution Twint from Switzerland, which is very popular in the Alpine republic.
“Wero will strengthen European sovereignty in payment transactions,” said Joachim Schmalzl, board member of the German Savings Banks Association (DSGV) and chairman of the supervisory board of EPI. “So far, we do not have our own common payment method in Europe.”
Even strong national procedures such as the Girocard in Germany or the Carte Bancaire in France are dependent on non-European providers for cross-border payments, Schmalzl emphasised.
“Wero will end this dependency sustainably and in the long term by offering a European alternative and thus keeping the added value in the area of payment transactions within Europe.”
Customers of savings banks and cooperative banks do not need to install a new app on their smartphone to try out Wero, but can activate the function in their banking app.
If you want to not only send but also receive money via Wero, you must also enter a mobile phone number or email address in the banking app.