Can 'Wero' Redefine Payments in Europe?
A Bank-Backed Challenger Takes on PayPal and Card Giants
A Quiet Launch, A Bold Ambition
When Wero first launched in July 2024, it did so without much fanfare—just a press release and no big event. But beneath its quiet debut lies an ambitious plan: to become Europe’s leading real-time payment solution, providing an alternative to PayPal, Apple Pay, and Visa and Mastercard-backed transactions.
Developed by the European Payments Initiative (EPI) and backed by 16 major banks, Wero offers instant, account-to-account (A2A) transactions without intermediaries. Customers can send money within 10 seconds using just a phone number, QR code, or email. Now, with a growing user base and the introduction of a standalone app, Wero is evolving into the full-fledged digital wallet its creators envisioned.
Wero’s Growing Footprint
Since its summer 2024 launch, Wero has enrolled 14 million users across participating European countries. France and Belgium lead the way, with 13.4 million registrations—boosted significantly by French banks migrating existing users from their payment service, Paylib, over to Wero. Meanwhile, in Germany, nearly 600,000 users have signed up, including 300,000 Volksbank customers and 280,000 Sparkasse customers. However, with an estimated 12 million potential users in Germany alone, there is still room for significant growth.
The transaction numbers are also on the rise. As of now, more than 8 million transactions have been carried out via Wero, marking early signs of adoption. In a proof-of-concept test, Wero successfully enabled its first e-commerce payment at the 1. FC Kaiserslautern online store, integrated with VR Payments. This milestone demonstrates that Wero is on track to enter the online shopping space—one of the key battlegrounds against established digital payment players.
The Arrival of the Standalone Wero App
While Wero was initially only available via partner banks’ apps, the much-anticipated standalone Wero app has now launched. In Germany, however, access is currently limited to Postbank customers, while in France, customers of Banque Postale can start using the app.
The Wero app brings functionalities like:
The ability to send and request money using phone numbers, QR codes, or email.
The option to partially anonymize names for increased privacy in transactions.
Full SEPA real-time transfers directly from current accounts, with no additional costs beyond a bank’s standard transaction fees.
Another key feature in development is multi-bank integration, allowing users to store multiple account details within Wero, turning it into a true digital wallet.
What’s Next for Wero?
Wero is still in its early days, but its roadmap is clear. By mid-2025, Wero will expand to online retailers and self-employed professionals (P2Pro payments), opening up new use cases for businesses. Future plans also include buyer protection for online shopping, further strengthening Wero’s appeal in e-commerce.
Beyond payments, Wero is set to become a key component of the European ID wallet initiative, potentially integrating digital identification services within its app.
Will Wero Succeed?
Despite early adoption, Wero still faces major hurdles. The service currently requires both the sender’s and recipient’s banks to support Wero, limiting its usability.
The adoption rate among European banks is also limited.
The European banking sector has a history of struggling to challenge US-based payment giants. Paydirekt and Giropay in Germany are examples of initiatives that have attempted to do so.
Wero’s success will depend on whether it can expand beyond P2P payments and integrate seamlessly into retail and online shopping environments.
⭐️ The Latest ⭐️
Bunq Expands AI Capabilities
Bunq’s latest Update 27 brings a major AI-driven upgrade, enhancing accessibility and customer support. Its virtual assistant, Finn, now supports over 30 languages, allowing users to instantly translate the app by changing their device’s language settings. Users can also provide feedback to refine translations.
A standout feature in this update is real-time speech-to-speech translation, making Bunq the first bank to offer this capability. During secure in-app calls via the SOS hotline, users can communicate in their native language with AI-powered translation or speak in English.
Bunq Launches Loyalty Program with Points
Bunq has introduced its first loyalty program, rewarding users for everyday spending.
With bunq Points, paid subscribers earn one point per euro spent, while Elite members receive double points. Users can also collect points by inviting friends, setting bunq as their primary bank, or celebrating special occasions like birthdays and anniversaries.
Accumulated points can be redeemed for exclusive rewards, including discounts on travel and entertainment from partners like Tiqets. As the program grows, bunq plans to expand its partner network, offering even more value to users.
Scalable Capital Revamps Brokerage with In-House Platform and New Stock Market
Scalable Capital is taking a major step forward by rebuilding its brokerage and digital asset management from the ground up. With a fully vertically integrated platform, the company now handles trading, clearing, settlement, and custody in-house, giving customers direct access to their portfolios.
As part of this transformation, Scalable Capital has launched the European Investor Exchange (EIX) in partnership with the Hanover Stock Exchange. Scalable provides the technology and liquidity, while Hanover Stock Exchange oversees trading supervision. Customers on the Prime+ plan (€4.99/month) enjoy unlimited trading on EIX and access to flexible savings plans starting at just €1 across 2,500+ ETFs.
Scalable has also expanded its investment strategies, introducing options like World Portfolio Classic + Gold and Value & Dividend. Additionally, the company will now manage deposits directly through partner banks such as Deutsche Bank and JP Morgan, offering 3.25% interest on deposits within certain limits.
New customers across Europe can immediately open a broker account and start trading via EIX. Existing users will gradually transition to the new system, with a dedicated transfer service launching in 2025.
This move reduces Scalable’s reliance on Baader Bank, which previously managed its securities accounts while enhancing efficiency, investment options, and cost-effectiveness for users.
Apple Expands Tap to Pay in Europe
Apple has expanded its Tap to Pay on iPhone feature to Austria, Czech Republic, Ireland, Romania, and Sweden, allowing merchants to accept contactless payments directly on their iPhones without extra hardware.
Using NFC technology, the feature securely authenticates transactions and supports PIN entry when required. It offers an easy payment solution for independent sellers and small businesses, turning an iPhone XS or later into a contactless payment terminal. Customers simply hold their credit/debit card, iPhone, Apple Watch, or digital wallet near the merchant’s iPhone to complete a transaction.
Apple ensures that all transactions are encrypted, with no access to purchase details or customer data.
First introduced in the U.S. in 2022 and later in Germany, Tap to Pay is now available in 17 countries. Adyen, SumUp, and Viva.com are the first platforms to support it in all five newly added markets, while in Austria, providers like Global Payments, Stripe, Revolut, and PAYONE are also on board. The feature supports contactless payments from Visa, Mastercard, American Express, and Discover.
PayPal Relaunches Money Pool Feature for Group Contributions
PayPal has reintroduced its Money Pools feature, allowing users to pool money with friends or family for shared expenses like trips and gifts. Available in the U.S., Germany, the U.K., Italy, and Spain, the feature lets users set up a pool via the PayPal app or website, with customizable details like title, description, and goal amount.
Each pool generates a shareable link that even non-PayPal users can use to contribute. Creators can track contributions and transfer funds to their account anytime. This new version of the feature lets users collect money upfront, unlike other apps that split expenses after payments are made.
1st Apple Pay Alternative Launched in Norway
After Apple opened its Near-Field Communication (NFC) technology to third-party developers, Vipps MobilePay became the first Apple Pay alternative for iPhone users in Norway, enabling tap-to-pay transactions. The new service, known as Tap with Vipps, allows users to make payments across various use cases, such as sending money to friends, paying in stores, settling payments for organizations, joining customer clubs, and even raising funds for personal purposes.
Tap with Vipps works with any card terminal that accepts BankAxept, Norway’s national payment system launched in 1991. This makes the service available to customers from over 40 local banks. Vipps is also planning to add more banks in the future, and support for MasterCard and Visa is expected before Summer 2025.
Klarna Joins Forces with Apple Pay
After Monzo, Klarna has become the latest company to integrate its payment plans with Apple Pay. Consumers in the U.S. and U.K. can now use Klarna's flexible payment options at checkout, both online and in-app, offering features like Pay Later in 3 or 4 installments with no interest, or extended plans with APR starting at 0%.
However, Klarna’s Apple Pay integration cannot be used for subscriptions, recurring transactions, or in-store purchases. To use Klarna's payment plans, users must first add their Klarna Card or virtual card to Apple Wallet through the Klarna app.At checkout, simply select Pay with Apple Pay, choose 'Other Cards & Pay Later Options', and select Klarna. After agreeing to the terms, authenticate with Face ID or Touch ID to confirm the purchase.
This new collaboration offers a seamless way to access Klarna’s payment flexibility directly from Apple Pay, adding convenience for shoppers.
BLIK Expands Towards a Pan-European Payment System
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BLIK is taking significant steps to become a pan-European payment system. In December 2023, the company acquired VIAMO, a mobile payment platform in Slovakia. By July 2024, BLIK SK went live through Tatra Banka via the VIAMO app. For now, only Tatra Banka customers using the VIAMO app can make payments at merchants utilizing either the PayU or VIAMO payment gateways.
While BLIK is already offered by over 60 online stores in Slovakia, its adoption remains limited outside Poland. The service's availability for foreign merchants is a key challenge, and its coverage in Slovakia and other markets may take time to expand.
However, mBank will soon join the initiative, and BLIK Slovensko is also exploring partnerships with other banks and online stores to increase its reach across Europe.
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At the end of December 2022, BLIK established BLIK Romania, choosing the country for its rapid growth within Europe. By October 2024, BLIK received approval from the National Bank of Romania to operate in the Romanian market. This decision will allow BLIK to expand its mobile payment system to process payments in local currency (RON) and offer its services to Romanian payment service providers.
As a first step, BLIK plans to focus on the e-commerce payment sector, bringing its innovative mobile payment solutions to the growing digital marketplace in Romania.
🇵🇱
In early November, BLIK announced its integration with Revolut in Poland, quickly onboarding over 180,000 users. Revolut customers can now use BLIK for online shopping, payments in physical stores, and ATM withdrawals.
To use BLIK with Revolut, users need to update the Revolut app to the latest version. Once updated, they can find the BLIK icon on the home screen, just below the account balance (available for accounts in Polish złoty). After tapping the icon, users can generate a 6-digit BLIK code, which can be copied to the clipboard.
The app features a minimalist interface, showing only the code, a timer tracking its validity, and recent transaction history. When the code is entered in an online store or at a terminal, a push notification prompts users to confirm the transaction on their screen.
This new integration streamlines payments for Revolut users in Poland, offering a convenient and secure method for both online and in-person transactions.
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