Buy European

About one year after the official market launch of the European mobile payment process Wero, more than one million savings bank customers have activated the service. This was announced by the German Savings Banks and Giro Association (DSGV). The brand is considered an important milestone for the new process supported by the European Payments Initiative (EPI) – an association of European banks and payment service providers that has set itself the goal of creating a sovereign European alternative to established US payment services such as Paypal, Apple Pay or Google Pay.

Wero allows mobile payments in real time without the need for a classic IBAN. Instead, mobile number or e-mail address are enough to send or receive money – including across borders, such as France or Belgium. The functionality is directly integrated into the “Sparkasse” app, but is increasingly being made accessible via other banks and an independent Wero app. In the meantime, customers, for example, Postbank have also been connected, and other institutions are to follow in the course of the summer.

By reaching the millionaire limit, the initiative is now tackling the next expansion stage: Wero is to be tested in a pilot phase for online retailing in the current year. The aim is to establish the process as a convenient payment option in e-commerce – and thus to open up new fields of application beyond the previous peer-to-peer payments.
Dr. Joachim Schmalzl Managing Director, German Savings Bank Association and Giroverband e.V. V.DSGV
"DSGV"

Wero has long since arrived in everyday life with many people. This is precisely what we are now based on: Anyone who already knows and uses the process can also use it naturally for online shopping in the future.”  

Joachim Schmalzl, DSGV board member

The savings banks see this as another step in establishing Wero permanently as a European payment brand.
EPI and the long road to European sovereignty in payment transactions

The Wero process is the first visible product of the European Payments Initiative, which was founded by European banks in 2020. The EPI had initially set itself ambitious goals – right up to the replacement of card systems such as Mastercard and Visa in Europe. After an interim withdrawal of several large banks, the initiative was reoriented in 2023 in a reduced form, with the significant participation of the Sparkassen-Finanzgruppe as well as by Volks- and Raiffeisenbanken.

The goals remain ambitious: Wero not only wants to slow down the advance of US tech players in payment transactions, but also strengthen Europe's digital sovereignty in finance. In view of the geopolitical developments of recent years – and growing concerns about dependence on non-European service providers – the project also enjoys political attention.

However, another factor also plays a role here: an activation premium of 5 euros, which is credited to new users immediately after registering via Sparkassen-App. Whether Wero will be used more regularly over time remains therefore to wait. We remember: Even with the Paydirekt, which has switched off, there was also generous welcome money for all those who used the system once with just a few clicks. However, very few of the users became regular customers.
Competition remains overpowering – review of failed precursors
"DSGV/HASPA"

Despite the successful start, the market remains difficult for Wero. In Germany, Paypal continues to dominate online payment transactions with around 32 million active accounts. Previous attempts by German banks to establish a competitive payment system – for example, with Paydirekt or Giropay – lagged below expectations. Giropay was finally suspended at the end of 2024.

Whether Wero can succeed in establishing itself permanently on the market depends on several factors: integration with other banks, the establishment of a nationwide network of acceptance in retail and customer loyalty in everyday life. Wero is still a system under construction. According to DSGV, there are now more than 40 million users throughout Europe, many of which are still inactive or use the solution to a limited extent.
Trade, cash register, e-commerce – Wero consortium still has a lot to read

In the long term, Wero should not only be able to be used for peer-to-peer payments and online shopping. Payment in brick-and-mortar retail – for example via QR code or NFC at the cash register – is also planned. The aim is a comprehensive European payment system that can be used across all channels.

It will be revealed in the coming years whether this claim can be fulfired. However, Wero is currently one thing above all about the institutes involved in the EPI: a new attempt to recover lost terrain in payment transactions – with a European focus and modern infrastructure. It remains to be seen whether this is sufficient to oppose the dominant US services. The upcoming e-commerce pilot is likely to provide initial reliable insights. tw