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{{Short description|European mobile payment service}}
{{Short description|European mobile payment service}}
{{Notability|1=Companies|date=July 2024}}
{{Notability|1=Companies|date=July 2024}}
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{{Citations needed|date=September 2024}}
{{use dmy dates |date=November 2024}}
{{use dmy dates |date=November 2024}}
{{Infobox dot-com company
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'''Wero''' is a European [[mobile payment]] system intended to replace [[Giropay]] in Germany, Paylib in France and to complement [[Payconiq]] in Belgium.<ref name="TestAchats">{{cite web | author=TestAchats | date=2024-09-12 | title=Wero : nouveau système de paiement lancé en Belgique | website=Testachats | url=https://www.test-achats.be/argent/comptes-a-vue/news/wero-nouveau-systeme-de-paiement | language=fr | access-date=2024-09-15}}</ref><ref>{{Cite web |date=2024-09-30 |title=Wero set to become Europe's first unified payment solution |url=https://www.euronews.com/business/2024/09/30/wero-set-to-become-europes-first-unified-payment-solution |access-date=2024-11-27 |website=euronews |language=en}}</ref> The service was launched on 2 July 2024 by the [[European Payments Initiative]].<ref>{{cite web |year=2024 |title=EPI launches wero |url=https://wero-wallet.eu/news/press-release-wero-in-germany |url-status=dead |archive-url=https://web.archive.org/web/20240702110727/https://wero-wallet.eu/news/press-release-wero-in-germany |archive-date=2 July 2024 |publisher=[[European Payments Initiative]]}}</ref> The service intends to compete with [[PayPal]] and similar services, beginning as a real-time payment system and later with extended online payment function.
'''Wero''' is a European [[mobile payment]] system intended to replace [[Giropay]] in Germany, [[Paylib]] in France<ref>{{Cite web |date=2024-09-30 |title=Wero set to become Europe's first unified payment solution |url=https://www.euronews.com/business/2024/09/30/wero-set-to-become-europes-first-unified-payment-solution |access-date=2024-11-27 |website=euronews |language=en}}</ref>, [[Payconiq]] in Belgium<ref name="TestAchats">{{cite web | author=TestAchats | date=2024-09-12 | title=Wero : nouveau système de paiement lancé en Belgique | website=Testachats | url=https://www.test-achats.be/argent/comptes-a-vue/news/wero-nouveau-systeme-de-paiement | language=fr | access-date=2024-09-15}}</ref> and Luxembourg and [[iDEAL]] in The Netherlands. The service was launched on 2 July 2024 by the [[European Payments Initiative]].<ref>{{cite web |year=2024 |title=EPI launches wero |url=https://wero-wallet.eu/news/press-release-wero-in-germany |url-status=dead |archive-url=https://web.archive.org/web/20240702110727/https://wero-wallet.eu/news/press-release-wero-in-germany |archive-date=2 July 2024 |publisher=[[European Payments Initiative]]}}</ref> The service intends to compete with [[PayPal]] and similar services, beginning as a real-time payment system and later with extended online payment function.


The name is a [[Portmanteau|portmanteau]] made up of the English personal pronoun ''we'' and the European's common currency's name ''Euro'', but is also based on the Italian ''vero'' (true).<ref>{{Cite web |title=Neuer europäischer Zahlungsdienst soll 'Wero' heißen |work=Handelsblatt |first=Elisabeth |last=Atzler |access-date=5 November 2024 |url=https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/zahlungsverkehr-neuer-europaeischer-zahlungsdienst-soll-wero-heissen/29405650.html |date=7 September 2023}}</ref>
The name is a [[Portmanteau|portmanteau]] made up of the English personal pronoun ''we'' and the European's common currency's name ''Euro'', but is also based on the Italian ''vero'' (true).<ref>{{Cite web |title=Neuer europäischer Zahlungsdienst soll 'Wero' heißen |work=Handelsblatt |first=Elisabeth |last=Atzler |access-date=5 November 2024 |url=https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/zahlungsverkehr-neuer-europaeischer-zahlungsdienst-soll-wero-heissen/29405650.html |date=7 September 2023}}</ref>


== Background ==
== History ==
⚫
{{Citations needed|date=September 2024}}
Giropay had a market share of 0.4 percent in 2023 and is no longer expected to be profitable due to high fixed costs. It was decided to discontinue the payment service together with the provider Paydirekt at the end of 2024 and to gradually build up the new payment service in several stages.


===Background EPI project===
⚫
{{further|European Payments Initiative}}
The aim of EPI's project is to achieve greater independence from the market power of American payment service providers. According to the management consultancy Capco, Wero's market entry may come too late for many, but the train has "not yet completely left the station, but is already in motion." The Center for Financial Studies believes that the end of 2021 will be the "last opportunity for Europe to establish a payment system that can keep up with global competition" (especially against US competitors).
The aim of EPI's project is to achieve greater independence from the market power of American payment service providers. According to the management consultancy Capco, Wero's market entry may come too late for many, but the train has "not yet completely left the station, but is already in motion." The Center for Financial Studies believes that the end of 2021 will be the "last opportunity for Europe to establish a payment system that can keep up with global competition" (especially against US competitors).


===2022===
== Planned functions ==
After a failed attempt in 2021 to initiate the creation of an European alternative to Visa and Mastercard (20 bank from Poland, Spain, German and Finland withdrew from the projecT), the remaining 13 banks pivoted the project towards a payment solution based on a digital wallet.
{{Citations needed|date=September 2024}}
{{cite web | author= Philip Benton | date=2022-03-25 | title=European Payments Initiative project pivots after 20 banks depart | website=Omdia | url=https://omdia.tech.informa.com/om022317/european-payments-initiative-project-pivots-after-20-banks-depart | language=en | access-date=2024-12-06}}</ref>
⚫
Wero will initially enable person-to-person (P2P) and person-to-professional (P2Pro) payments, followed by online and mobile shopping payments and then point-of-sale payments. A comprehensive range of transaction types will be supported, including one-off payments, subscriptions, installments, payments upon delivery and reservations. Additionally, value-added services will be incorporated into the solution over time, including responsible 'Buy Now, Pay Later' (BNPL) financing, digital identity features and integration of merchant loyalty programmes.<ref>{{Cite web |date=2023-04-25 |title=EPI Company announces acquisitions, additional shareholders and the coming launch of its new instant payment solution - Société Générale |url=https://www.societegenerale.com/en/news/press-release/epi-company-announces-acquisitions-additional-shareholders-and-coming-launch-its-new-instant-payment |access-date=2024-09-21 |website=www.societegenerale.com |language=en}}</ref>


⚫
EPI wants to start the "digital wallet" with mobile-to-mobile payments in Belgium, Germany and France and offer its own app so that, according to the provider, almost all bank customers in these countries will most likely be able to use wero. It should be comparable to Twint (Switzerland) and [[MobilePay]] (Denmark).
One flaw of the old payment service was the complicated and time-consuming setup for customers and merchants alike. Wero is supposed to be linked to the user's current account and can be used immediately without setup.


===2023===
⚫
EPI, to which 16 of the original 32 financial service providers still belong, launched a pilot operation between Sparkasse Elbe-Elster and the French Banque Populaire in December 2023 based on the fully developed SCT-Inst SEPA payment solution. Paydirekt accounts are to be terminated at the end of 2024.
On 25 april, EPI announced that its shareholders confirm the development (and launch) of the wallet based payment solution.
<ref>{cite web | url=https://web.archive.org/web/20230425060845/https://www.epicompany.eu/epi-company-announces-acquisitions-additional-shareholders-and-the-coming-launch-of-its-new-instant-payment-solution/ | title=EPI Company announces acquisitions, additional shareholders and the coming launch of its new instant payment solution }}</ref> Several European institutions, under which the European Central Bank, announced they welcomed the initiative.<ref>{cite web | url=https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews230425.en.html | title=ECB welcomes the EPI’s progress on building a European payment solution}}</reF>


On 21 september 2023, EPI it selected the name 'Wero' for it's upcoming payment service. <ref>{{cite web | url=https://epicompany.eu/media-insights/epi-selects-wero-as-commercial-name-for-its-innovative-digital-wallet | title=EPI selects “Wero” as commercial name for its innovative digital wallet }}</ref>
⚫
EPI wants to start the "digital wallet" wero with mobile-to-mobile payments in Belgium, Germany and France and offer its own app so that, according to the provider, almost all bank customers in these countries will most likely be able to use wero. It should be comparable to Twint (Switzerland) and [[MobilePay]] (Denmark).


⚫
EPI, to which 16 of the original 32 financial service providers still belong, launched a pilot operation between Sparkasse Elbe-Elster and the French Banque Populaire in December 2023 based on the fully developed SCT-Inst SEPA payment solution.
In Germany, Sparkassen, Postbank, Deutsche Bank and ING want to make a start. EPI member banks also want to implement the services in their own apps based on SEPA and on the basis of the mobile phone numbers registered with the banks, including Deutsche Bank, DZ Bank and the Sparkassen-Finanzgruppe.


===2024===
In the Netherlands, the central bank has made success a condition for the migration of [[iDEAL]] to the European platform.
On 2 july 2024, Wero was launched it Germany, with two German banks going live with the Service.<ref>{{cite web | url=https://epicompany.eu/media-insights/epi-ceo-says-europe-ready-for-one-digital-wallet-2 | title=EPI launches Wero, its innovative digital payment wallet in Germany}}</ref> On 30 september 2024, Wero was launched in France.<ref>{{cite web | url=https://epicompany.eu/media-insights/epi-launches-wero-in-france | title=EPI launches Wero, its European digital payment wallet in France }}</ref> On 19 november 2024 Wero was launched in Belgium.<ref>{{cite web | url=https://epicompany.eu/media-insights/epi-launches-wero-its-innovative-digital-payment-wallet-in-belgium-2 | title=Customers of Belfius, BNP Paribas Fortis, ING and KBC can instantly send money to, and receive money from friends and family thanks to the new payment solution Wero in Belgium.}}</ref>


== Product features ==
By mid-2025, payment in online stores should be possible and thus compete with PayPal and credit cards. The final step planned is the integration with [[payment terminal]]s at the [[point of sale]].
===P2P Contact list payments===
A user can connected a mobile phone number to its bankaccount. Maximum of three mobile numbers per bankaccount. A person can make a banktransfer to the account, by the phone number in stead of the IBAN).


===P2P Wero QR codes generation===
⚫
==Current supported banks==
A user can create a QR code, by selecting the bankaccount and specifing the amount of the payment. A person can make a banktransfer by scanning the QR code, and selecting its bankaccount and approving the transaction.


===Future planned features===
⚫
EPI announed in July 2024, that it will extent Wero's offering to online and mobile shopping payments (in 2025) and then NFC enabled point-of-sale payments (2026). A additional comprehensive range of transaction types is planned to be supported later, including one-off payments, subscriptions, installments, payments upon delivery and reservations. Additionally, value-added services will be incorporated into the solution over time, including responsible 'Buy Now, Pay Later' (BNPL) financing, digital identity features and integration of merchant loyalty programmes.<ref>{{Cite web |date=2023-04-25 |title=EPI Company announces acquisitions, additional shareholders and the coming launch of its new instant payment solution - Société Générale |url=https://www.societegenerale.com/en/news/press-release/epi-company-announces-acquisitions-additional-shareholders-and-coming-launch-its-new-instant-payment |access-date=2024-09-21 |website=www.societegenerale.com |language=en}}</ref>

⚫
==Current supported banks==
{| class="wikitable sortable"
{| class="wikitable sortable"
|+ Caption
|+ Caption
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|[[Belfius]]
|[[Belfius]]
|Belgium
|Belgium
|2024-09-26<ref>{{Cite web |title=EPI launches Wero, its innovative digital payment wallet in Belgium |url=https://epicompany.eu/media-insights/epi-launches-wero-its-innovative-digital-payment-wallet-in-belgium-2|access-date=2024-11-19 |website=EPI Company SE |language=en}}</ref>
|
|-
|-
|ING Belgium ([[ING Group]])
|ING Belgium ([[ING Group]])
Line 106: Line 117:
|2024-07-02
|2024-07-02
|}
|}

== Other countries ==
Other banks that want to offer the service are [[Deutsche Bank]], [[BW-Bank]], [[Deutsche Postbank]] (Germany), [[BNP Paribas]], [[Société Générale]], [[Groupe Banque Populaire]] and [[Worldline SA|Worldline]] (France), [[ING Group|ING]] (Netherlands) and [[Nexi]] (Italy). Further banks are to follow.{{Citation needed|date=September 2024}}

==See also==
⚫
* [[European Payments Initiative]]
* [[Instant payment]]
* [[MobilePay]]
* [[PayPal]]
* [[Single Euro Payments Area]] (SEPA)
* [[TWINT]]
* [[Venmo]]
* [[Vipps]]
* [[Swish (payment)]]


==References==
==References==

Revision as of 10:34, 6 December 2024

wero
Type of site
Mobile payment
Area servedWest Europe
URLwero-wallet.eu
Launched2024
Native client(s) oniOS, Android

Wero is a European mobile payment system intended to replace Giropay in Germany, Paylib in France[1], Payconiq in Belgium[2] and Luxembourg and iDEAL in The Netherlands. The service was launched on 2 July 2024 by the European Payments Initiative.[3] The service intends to compete with PayPal and similar services, beginning as a real-time payment system and later with extended online payment function.

The name is a portmanteau made up of the English personal pronoun we and the European's common currency's name Euro, but is also based on the Italian vero (true).[4]

History

Background EPI project

Further information: European Payments Initiative

The aim of EPI's project is to achieve greater independence from the market power of American payment service providers. According to the management consultancy Capco, Wero's market entry may come too late for many, but the train has "not yet completely left the station, but is already in motion." The Center for Financial Studies believes that the end of 2021 will be the "last opportunity for Europe to establish a payment system that can keep up with global competition" (especially against US competitors).

2022

After a failed attempt in 2021 to initiate the creation of an European alternative to Visa and Mastercard (20 bank from Poland, Spain, German and Finland withdrew from the projecT), the remaining 13 banks pivoted the project towards a payment solution based on a digital wallet. Philip Benton (25 March 2022). "European Payments Initiative project pivots after 20 banks depart". Omdia. Retrieved 6 December 2024.</ref>

EPI wants to start the "digital wallet" with mobile-to-mobile payments in Belgium, Germany and France and offer its own app so that, according to the provider, almost all bank customers in these countries will most likely be able to use wero. It should be comparable to Twint (Switzerland) and MobilePay (Denmark).

2023

On 25 april, EPI announced that its shareholders confirm the development (and launch) of the wallet based payment solution. [5] Several European institutions, under which the European Central Bank, announced they welcomed the initiative.[6]

On 21 september 2023, EPI it selected the name 'Wero' for it's upcoming payment service. [7]

EPI, to which 16 of the original 32 financial service providers still belong, launched a pilot operation between Sparkasse Elbe-Elster and the French Banque Populaire in December 2023 based on the fully developed SCT-Inst SEPA payment solution.

2024

On 2 july 2024, Wero was launched it Germany, with two German banks going live with the Service.[8] On 30 september 2024, Wero was launched in France.[9] On 19 november 2024 Wero was launched in Belgium.[10]

Product features

P2P Contact list payments

A user can connected a mobile phone number to its bankaccount. Maximum of three mobile numbers per bankaccount. A person can make a banktransfer to the account, by the phone number in stead of the IBAN).

P2P Wero QR codes generation

A user can create a QR code, by selecting the bankaccount and specifing the amount of the payment. A person can make a banktransfer by scanning the QR code, and selecting its bankaccount and approving the transaction.

Future planned features

EPI announed in July 2024, that it will extent Wero's offering to online and mobile shopping payments (in 2025) and then NFC enabled point-of-sale payments (2026). A additional comprehensive range of transaction types is planned to be supported later, including one-off payments, subscriptions, installments, payments upon delivery and reservations. Additionally, value-added services will be incorporated into the solution over time, including responsible 'Buy Now, Pay Later' (BNPL) financing, digital identity features and integration of merchant loyalty programmes.[11]

Current supported banks

Caption
Bank name Country Begin of support
Belfius Belgium 2024-09-26[12]
ING Belgium (ING Group) Belgium 2024-11-19[13]
BNP Paribas France 2024-10-24[14]
Groupe BPCE France 2024-10-02[14]
Crédit Agricole France 2024-09-26[14]
Crédit Mutuel France 2024-11-06[14]
KBC (CBC, KBC Brussels) Belgium 2024-07-02[15]
La Banque Postale France 2024-10-28[14]
Postbank Germany 2024-10-31[16]
Deutsche Bank Germany Mid 2025[16]
Hello bank! France 2024-10-02
PSD Bank Germany 2024-09-30[17]
Société Générale France 2024-10-24[14]
Sparda-Bank Germany
Sparkassen-Finanzgruppe Germany 2024-07-02
Volksbanken Raiffeisenbanken Germany 2024-07-02

References

  1. ^ "Wero set to become Europe's first unified payment solution". euronews. 30 September 2024. Retrieved 27 November 2024.
  2. ^ TestAchats (12 September 2024). "Wero : nouveau système de paiement lancé en Belgique". Testachats (in French). Retrieved 15 September 2024.
  3. ^ "EPI launches wero". European Payments Initiative. 2024. Archived from the original on 2 July 2024.
  4. ^ Atzler, Elisabeth (7 September 2023). "Neuer europäischer Zahlungsdienst soll 'Wero' heißen". Handelsblatt. Retrieved 5 November 2024.
  5. ^ {cite web | url=https://web.archive.org/web/20230425060845/https://www.epicompany.eu/epi-company-announces-acquisitions-additional-shareholders-and-the-coming-launch-of-its-new-instant-payment-solution/ | title=EPI Company announces acquisitions, additional shareholders and the coming launch of its new instant payment solution }}
  6. ^ {cite web | url=https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews230425.en.html | title=ECB welcomes the EPI’s progress on building a European payment solution}}
  7. ^ "EPI selects "Wero" as commercial name for its innovative digital wallet".
  8. ^ "EPI launches Wero, its innovative digital payment wallet in Germany".
  9. ^ "EPI launches Wero, its European digital payment wallet in France".
  10. ^ "Customers of Belfius, BNP Paribas Fortis, ING and KBC can instantly send money to, and receive money from friends and family thanks to the new payment solution Wero in Belgium".
  11. ^ "EPI Company announces acquisitions, additional shareholders and the coming launch of its new instant payment solution - Société Générale". www.societegenerale.com. 25 April 2023. Retrieved 21 September 2024.
  12. ^ "EPI launches Wero, its innovative digital payment wallet in Belgium". EPI Company SE. Retrieved 19 November 2024.
  13. ^ "Exit Payconiq, bonjour Wero : quelles conséquences pour vos paiements et transferts d'argent ?". RTBF (in French). Retrieved 28 November 2024.
  14. ^ a b c d e f "EPI lance Wero, son portefeuille de paiement numérique européen en France".
  15. ^ Flandern, VRT Nachrichten-Aktuelles aus (29 July 2024). "Neues europäisches digitales Zahlungssystem auch bald in Belgien aktiviert". vrtnws.be (in German). Retrieved 1 November 2024.
  16. ^ a b Reinhardt, Justus (1 October 2024). "EPI – Postbank startet Wero Ende Oktober". DER PLATOW Brief (in German). Retrieved 1 November 2024.
  17. ^ "Wero". www.psd-rheinneckarsaar.de (in German). Retrieved 1 November 2024.
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