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In the ever-evolving world of digital payments, a new player is making waves in Europe. Launched in 2024, Wero is a pan-European digital wallet backed by 14 major banks, including ING, Deutsche Bank, and Commerzbank. The goal? To provide a European alternative to digital payment services such as PayPal and Mastercard.
Currently live in Belgium, France, and Germany for peer-to-peer (P2P) payments, Wero allows users to send and receive money instantly using just a phone number. In its first three months, Wero processed around €5 billion in P2P volume, with about 42 million users across these three countries. The service is integrated directly into the banking apps of participating banks, enhancing trust through familiar banking channels.
The expansion plan for Wero is ambitious. E-commerce payments are set to launch in these initial countries by late 2025 or early 2026, enabling merchants to receive instant, guaranteed payments without card fees, improving cash flow and reducing costs. In-store (point of sale) payments via Wero will follow in 2026, offering a contactless alternative to card and cash payments. The service is also planned to roll out to additional European countries throughout 2026, expanding Wero’s reach beyond the initial three markets.
One of the key benefits of Wero is its instant payment processing, with funds transferred in real-time. It also boasts lower fees compared to global payment providers, which is particularly attractive for merchants with thin profit margins. Wero is compliant with EU data protection standards and offers bank-grade security. It facilitates cross-border P2P payments, e-commerce, and soon retail payments, creating a seamless omnichannel experience.
ING, a major European bank, is one of the key supporters of the Wero project. The Dutch payment method iDEAL is expected to merge into Wero in 2026, further consolidating the European payments landscape under Wero’s framework. The project reflects Europe's seriousness about establishing digital payment independence.
As Wero continues to work on further establishing itself in Europe, customers may face account freezes as part of the integration process. ING plans to integrate Wero into its banking app for its ten million customers in Germany by August. The European Payments Initiative launched the Wero project in July 2024, and Lars Stoy, CEO of ING Germany, announced that Wero will launch live in August. Europe is developing an independent digital payment alternative named Wero, set to challenge the dominance of global payment providers by mid-2026.
- The ambitious expansion strategy of Wero includes the launch of e-commerce payments by late 2025 or early 2026, which aims to provide merchants with a cost-effective alternative to card fees and improve cash flow via instant, guaranteed payments.
- Backed by 14 major European banks, Wero currently offers a European alternative to digital payment services like PayPal and Mastercard, and with its compliance with EU data protection standards and bank-grade security, it is poised to challenge the dominance of global payment providers.
