Fewer and fewer Germans are using cash; the trend is moving towards cashless payment methods. This is the conclusion of a study by the Deutsche Bundesbank, which examined the payment behavior of people in Germany in 2023.
Wero: An alternative to Paypal
In addition to debit cards and credit cards, payment with PayPal has now become an integral part of the financial world. Now Europe's banks have come up with an alternative to the American PayPal: Wero is the name of the payment service, which also works online and has been available since July 2, 2024.
Within a few seconds, the
Send money via smartphone and Wero – without typing in a multi-digit IBAN. A person's email address or cell phone number is sufficient.
Send money in real time – here's how
Without downloading an extra app, Wero works for customers of various banks that support payments via Wero. Check with your bank to see if this is the case.
- If your bank supports payment with Wero, you simply need to activate it in your banking app.
- To do this, open the app and click on Wero.
- You can now log in and add your bank account.
- Your Wero wallet will then be active.
One advantage of Wero is its speed: it only takes a few seconds for the money to be transferred from one account to the next. This payment system also has the advantage that it is not dependent on bank opening hours. Money can be sent and received in real time at any time of the day or night.
For now, Wero can only be used between users. But plans are underway: the payment system is expected to be available for online shopping next year and for retail a year later.