FRANKFURT (dpa-AFX) – Deutsche Bank is also jumping on the Wero bandwagon: Germany’s largest financial institution is now offering customers of the Deutsche Bank and Postbank brands the full range of services of the still young digital payment app, which a merger of banks and payment service providers wants to expand into a European PayPal alternative.
Since the beginning of the week, customers of both banks across Europe have been able to use Wero to send and receive money from family or friends in a matter of seconds and also pay in participating online shops. At Postbank, paying from cell phone to cell phone with Wero has been possible since November 2024.
According to a company spokesman, Deutsche Bank and Postbank have a total of 19 million customers in Germany. Wero can be used by all Deutsche Bank and Postbank customers who have online banking access.
“The launch of Wero by Deutsche Bank in Germany sends a strong signal in terms of reach and market penetration,” says Martina Weimert, CEO of the European Payments Initiative (EPI), which is driving Wero forward. “This marks an important step towards a truly European payments solution.” The smartphone bank N26 only joined the new European payment solution at the beginning of December.
EPI has been running Wero since the beginning of July 2024. Wero is currently available in France, Germany, the Netherlands, Luxembourg and Belgium and, following the example of its US competitor Paypal, primarily offers direct mobile money payments from person to person. The service can now also be used at a number of retailers when shopping online, similar to credit cards or Apple Pay, Google (Alphabet C (ex Google)) Pay, Paypal, Klarna or other comparable services./ben/DP/stw
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