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Rant about Wero (European PayPal competitor) (infosec.pub)

submitted 1 day ago by [email protected] to c/[email protected]

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(I don't know if this community allows such rants or if there are other communities better suited for it. Please let me know!)

So, I wanted to replace PayPal with a service that's not owned by an American megacorp. Last year, Wero (wero-wallet.eu) launched with much media attention as a self-proclaimed competitor to PayPal owned and operated by European banks. I love the idea!

Now here's the issue: I can't use it. My bank (DKB in Germany) isn't a part of the European Payments Initiative, so I can't use the service. And so are many other banks across Europe.

I understand that the owning banks want to have a competitive advantage over one another, but what really bothers me is that a system intended to compete with PayPal isn't even designed to seriously compete. With PayPal, I can just link any bank account from any bank using my IBAN, but Wero doesn't support this. This is one of the reasons why Giropay (or Kwitt) in Germany didn't really catch on – it is too complex and too inaccessible for most potential users.

Not only does it actively keep me and many other Europeans from using Wero, it will also never become a global competitor to PayPal (that could generate additional income for the owning banks), because no non-European bank will likely ever be part of the EPI.

I would love to see a European service capable of seriously competing with American megacorps on a global level. But in my opinion, Wero just ain't one of them.

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[–] [email protected] 4 points 1 day ago* (last edited 1 day ago)

Well then switch Banks to one that supports it. DKB is a bank for cheapskates and looks to save money where they can (like integrating with EPI). There are other free Bank Accounts with banks that are part of the EPI.

I understand that the owning banks want to have a competitive advantage over one another

Yeah that's bullshit. Nobody is keeping DKB out, they don't want to integrate. It's the same thing with them pushing their American credit cards over the German Girocard System, because they earn them more money.