Real-Time Payment Solution Launch: ING Unveils Competitor to PayPal, dubbed Wero - Real-Time Transactions: ING Launches Wero, a Rival to PayPal
Wero Real-Time Payment Service Expands Across Europe
The Wero real-time payment service, a pan-European digital wallet supported by major banks, is making waves across the continent. Initially launched in Germany in 2024, the service is now available in Belgium and France, with ongoing rollout in other European countries [1][2][3].
In Germany, customers of banks such as ING, Sparkasse, Volksbank, and Raiffeisenbank can already send and receive money instantly via phone number using their bank apps or the Wero app itself [1]. Wero is not limited to direct bank customers, as a standalone app is also available for use by customers of other institutions [4].
Recently, ING Germany CEO Lars Stoy announced that Wero will be launched for its ten million German customers later this summer [5]. The integration of Wero into ING's app is important to the ING group as a whole, as the bank aims to make Wero a success, particularly in Europe [5].
The Wero service offers a unique advantage over traditional transfers, allowing users to send money in real-time to a phone number or email address [1]. This convenience has led to notable app downloads in France compared to Germany [2]. The service is also expanding to include account-based payments at points of sale, making Wero an alternative to card or cash payments [1].
The European Payments Initiative (EPI) is a consortium of European banks and payment service providers that aims to create a European payment alternative to US competitors like PayPal, Mastercard, Visa, and others [6]. The EPI has 42.5 million registered users in the participating countries [6]. The launch of Wero by ING marks one of the first German banks to fully integrate it into their banking app [7].
ING, Europe's largest direct bank, believes that Europeans should work on their own payment systems to achieve independence and reduce dependence on other payment methods [7]. With around 40 million customers, ING is focused on making Wero a success across the continent [5].
For those in Germany, it would be advisable to check directly with ING for specific timelines related to their integration of Wero [8]. The overall Wero service is operational in Germany and parts of Europe since 2024-2025 and continues expansion [1][2][3][4][5].
References:
- Wero Real-time Payment Service Now Live in Belgium, France, and Germany
- Wero Real-time Payment Service: A Game Changer for European Banking
- Deutsche Bank to Integrate Wero into Payment Acceptance Offering
- Wero Real-time Payment Service: A New Era for European Payments
- ING Germany to Launch Wero Payment Service for Ten Million Customers
- European Payments Initiative: A European Response to US Payment Dominance
- ING CEO: Europe Should Focus on its Own Payment Systems
- ING Germany: Check with Us for Wero Integration Timelines
- Vocational training in the field of technology could be crucial for European businesses, as the success of services like Wero Real-Time Payment expands across EC countries, requiring a skilled workforce to maintain and improve the digital wallet.
- Finance and business sectors in EC countries, such as the banking industry, could experience increased competition with the ongoing integration of advanced technologies in payment solutions like Wero, potentially altering traditional business models and financial services.
