The Wero European payments wallet is finally arriving in France, 4 months late. It is a replacement for Paylib, which intends to compete with heavyweights like PayPal or Apple Pay. Focus on a newcomer with big ambitions.
Wero, a European payment system that aims to simplify transfers
To this day, it can sometimes be difficult to send money between individuals, if using the banking system. The SWIFT system, with its endless IBANs, sometimes seems to be a relic from another age. This is the problem that Wero, the new European payment system, wishes to tackle. carried by the EPI company.
Launched today in France, Wero had already arrived in Germany last July. He has a simple but colossal ambition: to become “the favorite wallet of the French»according to Martina Weimert, the CEO of EPI, who spoke to our colleagues at Les Echos.
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Covered by PPE, Wero was born in collaboration with 16 banks and other European service providers, after 4 years of work. In France, clients of BPCE, BNP Paribas, Crédit Agricole, Crédit Mutuel and Société Générale will be able to discover the portfolio. The launch will be gradual between today and next January.
The Wero deployment schedule for partner banks
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A gradual opening of Wero services
First of all, transactions will only be available between individuals, before being open to payments with merchants. In addition, Wero will also be available as a separate application from those of banks.
The 2 main advantages of Wero are the instantaneousness of payments and their free. Remember that at this stage, instant payments are profitable for many banks, and that the “classic” transfer method can take several days to be processed in full.
Wero is therefore the European response to giants in the sector, such as PayPal or the bank card services of Visa and Mastercard, which are all American. The service will gradually replace PayLib, which will disappear completely at the beginning of 2025.
A difficult task for Wero in a market saturated with solutions
Initially, Wero will only be available to individuals and then small merchants. But the ambition is to extend its use to “large” businesses, as well as to offer automatic debits for subscriptions. Originally, EPI intended to offer a payment card, but its ambitions were scaled back, notably due to reluctance on the part of certain European banks.
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Will Wero then succeed in doing what PayLib failed to do? and to truly become omnipresent? At this point, PayLib represents 15 million monthly active users. This is a significant score, but it is still far from showing true democratization. So Wero has a way to go to close the gap.
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Sources: BPCE, Les Echos
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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