Wero seems promising. But I am confused as it appears they have acess to my bank account's balance and transaction history.
The privacy policy (Archive.org) states on page 4
Purpose: Displaying your account information (performance of a contract – art. 6.1.b of GDPR)
Categories of data processed: Balance and transaction history of
your payment account
Retention period: Duration of the contract (the Wero General Terms & Conditions)
The term "payment account" is not properly defined in the document, but I would infer from the first line on page 4 that it is the connected bank account.
This would be significantly more invasive than PayPal. Would be a dealbreaker for me, as I don't even see a plausible reason for doing this.
Their FAQ states the contrary:
Wero does not have access to your transactions or any other account activity beyond the information we need to complete a Wero payment.
Again, "information we need" is quite vague...
Update: Wero confirmed
See my comment below, Wero's Data Processing Offices confirmed via email that they do access your bank's transaction history, depending on which implementation mode your bank chose.
Quite invasive, IMHO
Honestly, I understand that the opposite way. The payment account is still your wero account, that obviously has every transaction you've done with them saved, and not much else. Meanwhile the payment source would be your bank account, and they clearly state that they only save the account holder name (your name), type of payment source (presumably bank account, credit card, debit card, ... in case they ever want to reach feature parity with PayPal) and a technical identifier, which would be your account number, card number, ..., possibly (hopefully) hashed and secured in some way. I still in no way see any I dictation that they'd extract your previous transactions, or any transactions done directly from your bank account
Thank you for diving deeper into this topic. I see how you come to your conclusion - that would be a relief. However, if payment account is the Wero account, why do they need to store the "type of payment account" (they are not stating "type of payment source").
I also found an FAQ answer of a German bank, Postbank
Archive.org link, in German only , translates to
Again, it is not 100% certain, but answering about "account balance" when being asked about bank access does sound like my bank account balance. But it could also be the Wero account balance (if there is such a thing?)
Maybe I am hearing the grass growing here. I do wish Wero to be a success, but it does feel more intermingled with the internals of my bank account than I'd like it to be