EURO Kartensysteme launches Wero payment system

EURO Kartensysteme GmbH has introduced Wero, a new payment system developed by the European Payments Initiative (EPI). The system aims to provide a unified European payment method, enabling instant money transfers between individuals using their mobile devices.

Wero functions as a digital wallet that facilitates real-time transactions. Initially, it allows users to send money instantly from one mobile phone to another. Future plans include expanding its functionality to online payments and point-of-sale transactions by 2026.

The name Wero combines the English "we," "Euro," and the Italian "vero" (true/real), emphasizing European collaboration and the system's authenticity. A key feature is the elimination of the need to enter IBANs; instead, transfers can be made using mobile numbers or email addresses, with funds credited within ten seconds.

Currently available in Germany through many savings banks and cooperative banks, Wero is also being rolled out by other major financial institutions. The system has already launched in France and Belgium, collectively representing over half of the euro area's electronic payment volume. The EPI project represents a significant investment by European banks to enhance the continent's payment infrastructure and sovereignty.