The European Union’s biggest Banks have spent years quietly creating a new way to pay that could finally allow customers to ditch their Visa and Mastercard cards. Wero is now rolling out across much of western Europe. Backed by 16 major banks and payment processors including BNP Paribas SA, Deutsche Bank AG and Worldline SA, the platform will eventually allow a German customer to instantly settle up with, say, a hotel in France using their own bank account instead of a Visa or Mastercard.
European Payments Initiative (EPI), a European player committed to offering a sovereign payment alternative to all consumers in the region, today announced the launch of Wero.
The European instant account-to-account payment solution will be available to French customers of BNP Paribas, Groupe BPCE, Crédit Agricole, Crédit Mutuel Alliance Fédérale, Crédit Mutuel Arkéa, La Banque Postale and Société Générale, as well as many of their subsidiaries.
While most banks will initially offer Wero via their applications, La Banque Postale customers will be able to make payments using the Wero application, developed by EPI. It will be available in all smartphone application shops from the second half of October 2024. The first Wero brand campaign will be launched in France on October 14th.
The deployment calendar is as follows:
The launch of the person-to-person (P2P) service will enable users with a French bank account to send and receive money simply and instantly, using just a telephone number or email address. Wero will take over from Paylib, whose 35 million registered users will be offered a simple switch to the European payment service before Paylib is discontinued in early 2025. The plan is to integrate new functionalities3 later, such as the “Money Request” function and the generation of individual QR codes so that users do not have to give their phone number when making a person-to-person payment.
Following the start of the solution in Germany in July 2024, users from both countries will now be able to make cross-border payments between the already rolled-out participating banks and their customers. In Belgium, all member banks will have deployed the solution by the end of the year4. Luxemburg and the Netherlands will follow in a subsequent step.
The promise of the Wero service is simple: to offer a single, secure mobile payment wallet that will eventually encompass all the payment functionalities required by a user in Europe. Thanks to its integration with member banks, consumers can use Wero via their usual banking application or the standalone application developed by EPI. Wero will give users a complete overview of their spending in real-time, enabling them to centralize all their payments simply and securely.
Beyond the P2P use case, EPI’s ambition with Wero is to integrate new functionalities from 2025, as it is rolled out to merchants. This will include payment at small retailers using the Wero wallet, before online payment on merchant sites and recurring payments management (such as subscriptions). Point-of-sale payments at major retailers are also included in the wallet’s development plans, with tests scheduled for 2026. Other value-added services, such as Buy Now-Pay Later (staggered payments), the integration of merchant loyalty programs, and shared spending, are also in the pipeline.
„In 3 to 4 years, Wero will be a single European payment wallet offering everyone the opportunity to take greater control of their finances, simply and securely, while respecting their needs on data confidentiality and compliance with European regulations.” – according to the press release.
“We’re delighted to announce the launch of Wero in France. We aim to simplify life and payments. Wero is unique. It’s a cutting-edge, sovereign solution, designed by and for Europeans, that enables all types of payment to be featured in one single payment solution, starting with person-to-person payments, while incorporating the promise of immediacy and banking security. We have arrived at the right moment in the era of digital payments, offering the solution that Europeans expect for their payments.”, says Martina Weimert – CEO of EPI.
“Wero meets the strategic challenge of creating a European payment platform in a highly competitive global environment. It will offer customers more value and simplicity for their day-to-day payments in France and partner countries. Already launched in Germany and now in France, we are delighted that Belgium, Luxembourg, and the Netherlands will soon be joining us, and we look forward to welcoming any other countries wishing to take part in this European initiative.” adds Thierry Laborde, Chief Operating Officer of BNP Paribas.
“With Wero, Groupe BPCE is now offering all Banque Populaire and Caisse d’Epargne customers a new instant account-to-account payment solution that perfectly meets new expectations. Last December, Groupe BPCE was a pioneer when it successfully carried out the first cross-border instant payment transactions. On this occasion, we’ve been able to showcase our expertise in payments and, with the European banks grouped within EPI, our determination to transform the European payments landscape by developing sovereign solutions.”, says Yves Tyrode, General Manager Digital & Payments of Groupe BPCE.
“With European sovereignty at stake, Wero enables us to provide our customers with a simple, secure, and easy-to-use solution. Wero will offer users complete coverage of new payment uses. With Paylib, we paved the way for the use of Instant Payment, and with Wero we’re going to take it to the next level.”, comments Philippe Marquetty, General Manager of Crédit Agricole Payment Services.
“The launch of Wero in France represents a key step towards strengthening European sovereignty in the financial sector. This initiative not only strengthens consumer confidence by offering standardized and secure payment solutions but also contributes to the growth of the European economy by facilitating faster and more reliable transactions, while promoting innovation and competitiveness on our continent.”, adds Eric Petitgand, General Manager, Crédit Mutuel Alliance Fédérale.
„The launch of Wero marks a decisive step for the European payments ecosystem. As a player committed to innovation, Crédit Mutuel Arkéa fully supports this initiative, which embodies the ambition to offer a sovereign and secure instant payment solution. Wero is part of our vision of an inclusive digital future at the forefront of technological developments. It reflects not only our ability to meet the changing needs of our customers but also our role as a forerunner in banking innovation.”, says Laurent Jurrius, Pôle Innovation et Opérations, Comex Groupe Crédit Mutuel Arkéa.
“I’m delighted that Wero is coming to France, as a true payment hub, bringing a universal approach to Europe, opening the door to Peer 2 Peer, digital commerce, and local commerce. This universality of payment across every use case experienced by our customers will be facilitated by its simple and intuitive application, guaranteeing a fluid, unique, and consistent user experience. For several years, La Banque Postale has been pursuing a proactive policy to support the digitization of payments, aiming to develop useful, inclusive innovations, committed to our customers’ purchasing power. The democratization of free Instant Payment from 2022 and our pioneering role in the Paylib and EPI projects reflect LBP’s strategic interest in the development of payments.”, comments Zakaria Moursli, Delegate General Manager at La Banque Postale, in charge of operational performance, payments and digital.
“The Societe Generale Group is proud to be part of this fantastic collective initiative, which will provide our customers with a new European, instant and innovative payment solution. We are convinced that the banks’ long-standing expertise in security, customer protection and transformation support are essential assets to ensure Wero’s success.”, adds Philippe Aymerich, Delegate General Manager, Groupe Société Générale.
____________
1 Except for LCL.
2 For the bank SG.
3 Some banks, such as SG (Groupe Société Générale), will be integrating these two functions from the initial roll-out.
4 KBC-CBC and Belfius have already made the Wero service available to their customers.
EPI (European Payments Initiative) was created and is supported by 16 European banks and payment service providers. They joined forces with a common goal: to offer a unified digital payment service to all European businesses and citizens, Wero. The EPI aims to enable European consumers and merchants to make next-generation payments for all use cases in retail transactions via a digital wallet. Based on instant account-to-account payments, Wero will, in the future, streamline payments in Europe by eliminating intermediaries in the payment chain and the associated costs. Initially, Wero will support P2P payments. This first launch phase will be followed by P2Pro payments and e-commerce transactions features deployment. Later, Wero will feature functionalities like point-of-sale payments and value-added services such as merchant loyalty programs.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
