European real-time transfer payment service Wero allows users to send money quickly, easily and securely via mobile number or email. Wero is therefore an alternative to PayPal & Co.
Europe’s answer to PayPal & Co.
Since July 2024, Wero has been a payment service provider that is intended to revolutionize digital payment transactions in Europe. The offer is backed by the European Payments Initiative (EPI), an association of large European banks, including in Germany the Sparkassen, Volks- und Raiffeisenbanken, Deutsche Bank and Postbank. Users can send money directly from their banking app in real time – easily via mobile number or email.
Wero is intended to offer a secure, data protection-friendly alternative to US providers such as PayPal, Apple Pay or Google Pay and to strengthen Europe’s digital sovereignty, according to the consumer advice center.
Just send money
The biggest advantage of Wero is its ease of use: no IBAN is necessary for transfers between private individuals, according to Wero. Instead, the recipient’s cell phone number or email address is sufficient. The money is transferred from one person’s account to the other’s account in real time. Claims for money should also arrive in your own account “under 10 seconds”. This “instant payment” works around the clock, “even at night and on weekends,” as it says on the payment service provider’s website.
It can be used directly via the existing banking app or the online banking of the participating banks. Wero is usually activated via a TAN confirmation. A separate registration or additional app is not required, although Wero has its own app. If your own checking account is stored there, money can be sent to people with a Wero profile.
Launching in three countries
Since launching in July 2024, Wero has initially been available in Germany, France and Belgium. Other European countries are to follow. At this stage, the service focuses on individual-to-individual payments. The range of functions is expected to be significantly expanded in the coming years: payments in online retail are already possible, but they will also be available in brick-and-mortar retail. Wero wants to gradually become a fully-fledged alternative in all European payment transactions.
Data protection and European independence
A central argument for the new service is data protection. All data is processed exclusively in Europe and is subject to the General Data Protection Regulation (GDPR). Unlike US providers, European customer data does not have to be transferred to third countries.
In addition, the EPI is pursuing a strategic goal with Wero: digital sovereignty of Europe. So far, American and Asian providers have dominated the market for digital payments. Wero is intended to reduce this dependency and create an independent, European ecosystem.
Restrictions in the start-up phase
The range of functions is still limited. Merchants or cash register systems have not yet accepted the payment service provider. Although it has been possible to pay with Wero at various online shops since autumn 2025, not all of them are connected across the board. In addition, not all banks participate. Users must therefore check whether their bank already offers the service. This can be easily done online via the payment service provider’s website.
Editorial team finanzen.net
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