this post was submitted on 02 Mar 2025
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I think it‘s inherently difficult to persuade thousands of banks in Europe (and potentially worldwide) to actively join Wero, or any other service for that matter.
In my opinion, Wero – to be a viable option for anyone – should make their service something that the people can and WANT to use. Maybe I’m naive but adding the option to connect a bank account via IBAN and SEPA mandate shouldn’t be too complicated, right?
I am not from the banking business, but as this worked for PP, I would assume that such connection should easily doable for our banks, too.
PayPal charges very high transaction fees (1-3%). For credit cards they are capped due to EU Regulations at a relatively low rate. Wero is planning to introduce their own payments card, and in order to convince merchants to accept it they need to offer lower rates. That might prove difficult if they take the risk of payment failure on your side after they paid already the merchant.
By directly integrating with your bank, they are avoiding that risk.
Also the banks participating are already big in offering terminals to providers, and their customers use already their national payment cards (often cobadged with MC/Visa, but preferring the national system when possible). So they have a good position in establishing it in the Market, if they have a long enough breath. The Cheapskate Banks, with the customers looking to save every cent possible will only integrate when using these cards will make them more money, or if not having it will put them at disadvantage with the competition. (Customers not wanting to use American Systems or Acceptance of MC/Visa going down in favour of Wero (more unlikely))
Maybe there might be a prepaid solution as with TWINT in the future. But right now they just have the Send money to other user functionality so it doesn't make sense to offer this at this point.
The Merchant Payment system is coming later
Came here to say that Switzerland somehow managed to introduce a competitor to Paypal that works flawlessly and EVERYBODY uses it. Twint is the first app I was told to install.
Portugal has a similar System (MBWay) with the interesting part that all ATMs are running the same software, so the app is optional and you can use the same features also at any ATM including things like paying your taxes or recharging you mobile phone (all carriers supported).
I get what you’re saying and agree that high transaction fees keep merchants from offering it as a payment option.
However, in my rant I’m merely talking about P2P money transfers, nothing B2C. And since most people are lazy and scrimpers, a service needs to have a very good offer for people to start using it. That’s where Wero could improve, in my opinion.
Plus, having a large user base would help them in the long run with convincing merchants to offer Wero as a payment option, wouldn’t it?