Do you know Wero - the EU's ‘Apple Pay’? Plus which French banks will use it
The new payment system will launch for clients at some French banks in September
People with accounts at participating banks do not need to use a bank card with the app
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Wero is a mobile digital wallet app, available on iOS (iPhone) or Android smartphones under development by a group of European banks. It is expected to launch in France in September.
The Wero app developed by the European Payments Initiative - a partnership of 16 European banks - launched on July 2 for clients with accounts at six Belgian and German banks after several years of development.
People with accounts at participating banks do not need to use a bank card with the app, which unlike its rival payment systems Apple Pay and Pay Lib, relies on Sepa payments.
One of the stated long-term ambitions of the new payment method is to replace credit cards
What is Wero used for?
The system is designed to allow commission-free money transfers online or in-store purchases via mobile phone.
Thanks to its integration into the Sepa system, money is paid into the beneficiary's current account in less than 10 seconds. The beneficiary can then use it immediately.
People with accounts at participating banks will be able to use the Wero app to send money (to other registered account) via:
Read more: Apple Pay: can you use with French bank cards, Navigo, OrlyBus, RER?
When will Wero launch in France?
The app is expected to launch in France in September 2024 for clients with French bank accounts at:
However, the app is unlikely to be available to make purchases from the outset but instead remain limited to peer-to-peer payments between clients of participating banks.
The recipient would also need to have the app installed on their smartphone.
The development of the app has been hit by several delays, not least of which were caused by Apple’s requirement for a commission to use its proprietary systems, however a recent European Commision ruling has helped smooth the app’s path forward.
