Do you know Wero? It may soon be creeping into your wallet

• Visa, Mastercard and PayPal have new competition
  
• European banks have come up with a new Wero payment platform
  
• You don’t need a credit card to use it at all
  

As soon as you open a personal bank account, you will be offered a payment card for it. And typically you get a choice of two options – Visa or Mastercard. And this is not the case only in the Czech Republic, but also in most of Europe. Therefore, many people have already wondered how it is possible that these two companies dominate the bank card market. Where is the next competition?

This topic is also burning for a number of European banking institutions, which have started to develop this competition with their joint efforts. 16 large European banking houses and companies (for example BNP Paribas, Deutsche Bank or Wordline) will merge in 2021 into the so-called European Payment Initiatives (EPI). And their joint efforts created a platform called Challenge.

How is it different from regular typical cards from Visa or Mastercard? Just by saying thanks to her you don’t need a payment card.

Simple and customer friendly

Whether you pay with a mobile phone, a smart watch or a payment ring, there is always one essential condition – your device must be paired with your payment card. The Wero platform allows you to pay completely without it. All you need is your personal bank account and the recipient’s phone number. Which is significantly easier for both users and the banks themselves. In addition, those that support it usually offer it to their customers for freeso you avoid fees for sent payments, etc.

The platform started functioning only this summer, first in Germany and Belgium. Now it comes to Francie. Interestingly, in these three countries, 75 percent of banks support the platform.

By the end of the year, it will also be accessible in the Netherlands and Luxembourg. And it should gradually expand to other European countries. It is currently already connected to the system 31 different European banks (for example ING, Hello Bank, Societe Generale, KBC…).

At the same time, the Wero platform promises adding money within 10 secondssimplicity, security and most importantly 24/7 operation. Payments within Europe will not be a problem with it. And this will create great competition not only for companies issuing payment cards, but also for the popular PayPal, for example. Just as it can ultimately take clients away from apps like Google Wallet or Apple Pay.

The platform is constantly evolving, so it does not yet offer the full spectrum of services. Maybe they won’t offer it until 2025 or 2026 online platby traders and payments using QR codes.

Would you like to pay without a credit card?

Source: wero-wallet.eu