A new online payment system, Wero, is set to revolutionize transactions between European bank accounts, aiming to eliminate fees and enhance security. Launched by a coalition of 16 European banks under the European Payments Initiative (EPI), Wero aspires to become the leading payment platform in Europe.
Currently, Wero facilitates real-time transfers between individuals without the need for an IBAN, using just a linked phone number or email address. Transactions are completed in under ten seconds, providing a swift alternative to existing services like PayPal and Google Pay.
However, Wero is still in its early stages, currently operational only in Germany, France, and Belgium, with a transaction limit of €1,000. Future plans include enabling business transactions without these limits by 2025 and expanding payment options for online shopping by 2026.
In addition to payment services, Wero promises features such as buyer protection and subscription management. As of now, over 900 European financial institutions support Wero, with more banks expected to join in the coming years.
Users are advised to exercise caution, ensuring secure practices similar to online banking. The initial response has been overwhelmingly positive, with 17 million users registered and over 12 million transactions completed since its launch.