A fragmented European banking system has no credibility in setting up a continental payment system. EPI, the consortium behind Wero, was set up more than 15 years ago and accomplished nothing so far.
In addition consider that Wero is backed mostly by German banks, notoriously inept at promoting digital payments in their own country.
I love how Germany and German banks are promoting an alternative global payments system, when they are still unable to switch from cash to digital in their own country
In Denmark we have the Dankort – worked very well for many years, until the banks sold it. Now they hate it and would love to see if replaced by Visa and Mastercard (hint: they earn more on those services)..
Visa and Mastercard have done some heavy lobbying is making rules that the end customer can’t be charged the price for the payment service. Meaning customers have no incentive to use much cheaper (national) payment services. That combined with the banks actively working against any national cards, means it’s bound to fail unless the politicians get their act together. Right now, the politicians are 100% seeing the payment service industry the same way the banks are seeing it and have at every options hampered the cheap options to give Visa and Mastercard an edge..
Wero is nothing but vaporware. Just a way for some people to get a steady pay-check without anyone asking too many questions..
Why do we need a third party? Instant payment via SEPA should be enough.
This is based on the Dutch system and it’s really good. We also all do payment requests with help of the system. If it works like in the Netherlands but Europe-wide, I’m sure you’ll love it!
Remind me when this fails again. I’d love to see a European champion in the global market, but most of them are just sad attempts.
There’s paylib in France, but that’s being replaced with wero
[deleted]
I’m just chiming in to express BLIK supremacy
I have been following the European Payment Initiative for the last couple of years, I’m really happy that it finally came out as Wero in the last months. I sincerely hope that it will work and that the politicians won’t be yield to visa and mastercard.
Can’t you already do this by implementing pay by bank in the checkout which just uses the open banking payment flow. I’ve seen quite a few retailers enable this recently. This just seems like yet another proprietary method to pay
Honest question: When has the EU ever launched anything comprehensible which actually broke any of the US dominated players in the digital / technology sector?
The fragmentation of Europe’s payment systems will be the biggest barrier to this. Finland’s MobilePay, Poland’s BLIK, Sweden is also doing it’s own thing, and now Wero… All of them great systems. None of them compatible with each other.
MBway 4 life. If it lasts that long, because the same Portuguese banks who created it are now busy trying to kill it.
Blik is some good competition from Poland. 😉
pff lisää weroja piru vie >:( /s
so this is just an app that ties to your bank account and then you pay stuff or send and request money?
i mean, if that’s it idk how that will kill anything, we had a thing like that for years and it’s just an extre way to pay on the side
Why does TaipeiTimes report about this lol
The amount of Visa lobbyists and MasterCard shills in this thread is astounding.
the reasoning behind is probably “we also want a piece of that juicy pie” less than a humanitarian concern for the high fees they’ve been imposing on everyone.
You will pry my bancontact from my cold dead hands!
There is bankomat in Italy at least which is a cheaper version for debit cards
I’ll first have to see it before I believe it. Our Belgian banks love to roll out their own proprietary bullshit instead of embracing international standards.
Soon as I get my EU passport I’ll apply to work here
I hope the payment in stores will be quickly adopted. I have a Visa (lower price in my french bank) and I’m sometimes blocked because of the 1600€ limit of payment for 30days
And giving the possibility to make a quick transfer with anybody within seconds receiving that money is nice. This year I’ve used for the first time a french equivalent (PayLib) to sell an audio device to a stranger with only giving him my phone number, paid me and I received the money instantly in my bank account
They’ll have to take Bizum away from my cold dead hands
As a Finnish person I don’t want to pay any more vero than I currently pay. Even if it’s spelled with W 😐
Apparently the negotiations with Spain and Portugal didn’t go well because they want to push their Bizum system… Hopefully everyone will be onboard eventually
So it’s based on the Dutch iDeal if I understand correctly. This is good news, as iDeal has proven extremely reliable, flexible, easy to implement and safe. It has a market share of 70% to 83% in the Netherlands. It is integrated into the banking apps.
I know most European countries have built similar systems and everyone seems to have grown overly attached to their particular translation of the same book. But this kind of fragmentation makes European technologies unable to compete with the big American players. It’s also a *major* pain in the ass for people moving between countries a lot.
So I think it’d be great to have a European-wide solution built on the European way of doing things: no credit cards, authentication through a party *you* trust, directly tied to your payment account. Maybe they could even create their own mobile payment solution so banks can stop forcing their customers to hand over their payment data to Google and Apple.
I just wish they picked a better name than ‘Wero’.
30 comments
Wero isa my money 🤌
A fragmented European banking system has no credibility in setting up a continental payment system. EPI, the consortium behind Wero, was set up more than 15 years ago and accomplished nothing so far.
In addition consider that Wero is backed mostly by German banks, notoriously inept at promoting digital payments in their own country.
I love how Germany and German banks are promoting an alternative global payments system, when they are still unable to switch from cash to digital in their own country
In Denmark we have the Dankort – worked very well for many years, until the banks sold it. Now they hate it and would love to see if replaced by Visa and Mastercard (hint: they earn more on those services)..
Visa and Mastercard have done some heavy lobbying is making rules that the end customer can’t be charged the price for the payment service. Meaning customers have no incentive to use much cheaper (national) payment services. That combined with the banks actively working against any national cards, means it’s bound to fail unless the politicians get their act together. Right now, the politicians are 100% seeing the payment service industry the same way the banks are seeing it and have at every options hampered the cheap options to give Visa and Mastercard an edge..
Wero is nothing but vaporware. Just a way for some people to get a steady pay-check without anyone asking too many questions..
Why do we need a third party?
Instant payment via SEPA should be enough.
This is based on the Dutch system and it’s really good.
We also all do payment requests with help of the system.
If it works like in the Netherlands but Europe-wide, I’m sure you’ll love it!
Remind me when this fails again. I’d love to see a European champion in the global market, but most of them are just sad attempts.
There’s paylib in France, but that’s being replaced with wero
[deleted]
I’m just chiming in to express BLIK supremacy
I have been following the European Payment Initiative for the last couple of years, I’m really happy that it finally came out as Wero in the last months. I sincerely hope that it will work and that the politicians won’t be yield to visa and mastercard.
Can’t you already do this by implementing pay by bank in the checkout which just uses the open banking payment flow. I’ve seen quite a few retailers enable this recently. This just seems like yet another proprietary method to pay
Honest question: When has the EU ever launched anything comprehensible which actually broke any of the US dominated players in the digital / technology sector?
The fragmentation of Europe’s payment systems will be the biggest barrier to this. Finland’s MobilePay, Poland’s BLIK, Sweden is also doing it’s own thing, and now Wero… All of them great systems. None of them compatible with each other.
It’s the “14 competing standards” situation again: https://xkcd.com/927/
MBway 4 life. If it lasts that long, because the same Portuguese banks who created it are now busy trying to kill it.
Blik is some good competition from Poland. 😉
pff lisää weroja piru vie >:( /s
so this is just an app that ties to your bank account and then you pay stuff or send and request money?
i mean, if that’s it idk how that will kill anything, we had a thing like that for years and it’s just an extre way to pay on the side
Why does TaipeiTimes report about this lol
The amount of Visa lobbyists and MasterCard shills in this thread is astounding.
the reasoning behind is probably “we also want a piece of that juicy pie” less than a humanitarian concern for the high fees they’ve been imposing on everyone.
You will pry my bancontact from my cold dead hands!
There is bankomat in Italy at least which is a cheaper version for debit cards
I’ll first have to see it before I believe it. Our Belgian banks love to roll out their own proprietary bullshit instead of embracing international standards.
Soon as I get my EU passport I’ll apply to work here
I hope the payment in stores will be quickly adopted. I have a Visa (lower price in my french bank) and I’m sometimes blocked because of the 1600€ limit of payment for 30days
And giving the possibility to make a quick transfer with anybody within seconds receiving that money is nice. This year I’ve used for the first time a french equivalent (PayLib) to sell an audio device to a stranger with only giving him my phone number, paid me and I received the money instantly in my bank account
They’ll have to take Bizum away from my cold dead hands
As a Finnish person I don’t want to pay any more vero than I currently pay. Even if it’s spelled with W 😐
Apparently the negotiations with Spain and Portugal didn’t go well because they want to push their Bizum system… Hopefully everyone will be onboard eventually
So it’s based on the Dutch iDeal if I understand correctly. This is good news, as iDeal has proven extremely reliable, flexible, easy to implement and safe. It has a market share of 70% to 83% in the Netherlands. It is integrated into the banking apps.
I know most European countries have built similar systems and everyone seems to have grown overly attached to their particular translation of the same book. But this kind of fragmentation makes European technologies unable to compete with the big American players. It’s also a *major* pain in the ass for people moving between countries a lot.
So I think it’d be great to have a European-wide solution built on the European way of doing things: no credit cards, authentication through a party *you* trust, directly tied to your payment account. Maybe they could even create their own mobile payment solution so banks can stop forcing their customers to hand over their payment data to Google and Apple.
I just wish they picked a better name than ‘Wero’.