Instant money transfers now possible between French banks with just a phone number
‘Wero’ launched in France in October and states transfers will take only 10 seconds
The app reduces costs and commissions by relying on Single Euro Payments Area (SEPA) payments
T. Schneider/Shutterstock
The instant money transfer app Wero is growing in popularity in France since its launch in October 2024. Here is how it works.
Developed by the European Payments Initiative - a partnership of 16 European banks and financial services companies - it launched in Germany in July before France in October.
Its developers intend the app to replace Paylib (which is scheduled to close in 2025), and to ultimately challenge similar mobile payment systems Lydia and Paypal.
The value of the app for banks, retailers and users is that it reduces associated costs and commissions by relying on Single Euro Payments Area (SEPA) money transfers which are free.
Peer-to-peer payments via mobile allow, for example, groups to reimburse an individual in a restaurant or bar without relying on cash. It can also be used to transfer money to a family member etc.
Up to 85% of 18-24 year-olds use this type of payment according to a 2024 study by market research group Kantar, which found that this demographic has a “hybrid usage, combining traditional payment methods and mobile payment’.
Read more: French banks begin to use Wero - the EU rival to Apple Pay
From 2025, Wero plans to allow payments to small retailers and online shops via a QR code
In the month following its launch in France, Wero released a statement saying it had grown by 14 million users.
To use Wero, you must have a current account with a participating bank. Most - but not all - French banks work with the app - a full list is available here.
How it works
Get the app: Find Wero in your banking app. Sign up for a Wero wallet and complete the required details to get started.
Log in and choose the bank account from which you wish to pay.
Enter the mobile number of your contact from your contacts list. You can send or request money to anyone you know and trust with an account at Wero bank members across France, Germany, and Belgium.
Enter the amount, write a personalised message and hit send. The payment should arrive within 10 seconds.
