Euro News
US payment giants Visa, Mastercard, PayPal, Apple and Google Pay are getting a new rival in Europe: it’s called Wero and it’s already available to some consumers in Germany and by the end of July in Belgium – how does it work and what are its features?
Wero is the result of years of work by the European Payments Initiative (EPI), a network of 16 European banks and financial institutions set up in 2021 to provide a single digital payment service for all businesses and citizens.
Based on systems such as the existing Payconiq and iDEAL, the digital wallet allows customers to transfer money with just a phone number, no IBAN required – with the novelty of gradually offering them the option to send money to other users in Europe.
“One of the main advantages of Wero – besides the ability to make international payments – is the speed with which you can easily send and receive money,” said a spokesperson for Belgium’s KBC, which is introducing the 24/7 system to its customers free of charge from the end of July.
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