EUROPE'S ANSWER TO PAYPAL: HOW DOES THE NEW WERO PAYMENT SYSTEM WORK?
If you've paid for something online or want to send money to friends, you've probably used the likes of PayPal, Google or Apple Pay or a credit card.
Now, there's a new European rival in this area, launched in 2024 and seeking to shake up the mobile payment landscape. Called Wero, it wants to become Europe's top payment platform - here's what it can do now, and what features are planned.
What is Wero?
Wero is a European payment solution backed by 16 European banks and payment service providers. It was launched in July 2024 by the European Payments Initiative (EPI) and has become widely available in Western Europe.
The service is intended to enable bank customers, merchants, freelancers and small companies to carry out payment transactions with each other, says the head of EPI Germany, Chris Scheuermann.
The aim is to establish a European payment system that can compete against a market that consists of predominantly US companies, explains David Riechmann, a finance expert from the consumer advice centre for the German state of North Rhine-Westphalia. The fact that the data remains within the EU should make online payments and real-time transfers more secure.
How does Wero work?
According to Riechmann, Wero currently only allows for real-time transfers between private individuals - even to another country and without having to know the other person's bank account details. "All you need is the telephone number or email address that's linked to the account." Wero says it only takes 10 seconds for the money to get to the recipient's bank account.
However, there are still some restrictions. So far not every bank is taking part in the new system, and as of early 2025, it only works for transactions between Germany, France and Belgium, although it's coming to more countries soon. There is also a limit of €1,000 per transaction, and banks are even able to further reduce this.
What features are planned for the future?
In the future, business people will also be able to use Wero to make payments - without the strict transfer limits that apply to private individuals. In 2025, customers will be able to use Wero when shopping online, and from 2026 in brick-and-mortar stores as well.
"In the future, Wero will also offer a range of other services," Chris Scheuermann promises. These will include buyer protection, the ability to manage subscriptions and financing options.
Which banks are currently signed up to Wero?
"More than 900 credit institutions across Europe currently offer Wero," says the head of the EPI in Germany. BNP Paribas, Deutsche Bank and Worldline are among those who already support it. Wero says "most bank account holders in Belgium, France and Germany" can now use it and more are due to follow in 2025.
What should consumers keep in mind when using Wero?
Consumers should be aware that the real-time transfers they make with Wero have an impact on their own bank account. They should be just as careful as they would be with online banking. Before approving a payment, it should be checked carefully - including for possible misuse. "If you are unsure, always ask your bank," Riechmann advises.
Anna Maria Brünke from the European Consumer Centre also advises: To protect sensitive data, you shouldn't use Wero on a public wi-fi network or from a public computer. In addition, your operating system, browser and virus protection should all be up-to-date.
And last but not least: Never respond to emails asking for your bank account details. Also don't click on links in emails or text messages that appear to come from Wero. These could be phishing attempts, Riechmann says. The best thing you can do is always sign into Wero directly through your online banking app or the Wero app.
What are people saying about Wero since it launched last July?
"The response from customers in the three countries in which Wero currently operates has been very positive," Scheuermann says. By the beginning of December, 17 million users had signed up and more than 12 million transactions had been carried out using the service. According to Scheuermann the banks have also given positive feedback.