The digitalization of payment transactions is gaining momentum with a new milestone: the Europe-wide payment system “wero,” launched by the banking initiative EPI.
Starting at the end of June, customers of selected banks across Europe will be able to make seamless mobile payments using “wero.” In Germany, this innovative network includes Sparkasse, Volks- und Raiffeisenbanken, and Deutsche Bank, among others. A total of 16 financial service providers are cooperating to support this new payment system, theoretically enabling widespread, hassle-free payments.
The launch of the initial phase of “wero” at the end of June marks a significant move towards unifying European payment transactions. The primary goal is to establish an independent, Europe-wide payment system that serves as a viable alternative to offerings from major US corporations like PayPal.
“Wero” Payment System to Launch End of June: Europe’s Answer to PayPal
The introduction of “wero” represents an important step for the European financial sector. The participation of prominent German banks underscores the effort to create a cross-border, unified payment solution. This aims to offer customers greater convenience in paying by card and smartphone while also strengthening the position of European financial institutions against American payment service providers.
The project is ambitious: a cross-country system that simplifies financial transactions within Europe and makes them more appealing to consumers. “Wero” not only responds to the globalized world and the growing importance of e-commerce but also serves as a strategic tool to promote Europe’s financial autonomy.
