European Payment Service Wero Expands Reach
Finanz Informatik's Wero payment service, launched by European banks in July 2024, now serves over 51 million users across the continent. The service aims to provide a European alternative to US payment providers.
Frankfurt-based Finanz Informatik has announced the expanding reach of its Wero payment service across Europe. The platform has already registered over six million users in Germany and now covers approximately 51 million individuals through 16 European banks.
Wero, a product of the European Payments Initiative (EPI), facilitates instant money transfers between users and online purchases. It seeks to challenge established US payment providers like Visa, Mastercard, and PayPal by offering a European solution that integrates directly with bank accounts, bypassing the need for third-party apps. For merchants, Wero promises lower transaction fees compared to market leaders.
The service, which initially focused on peer-to-peer mobile payments, has extended its capabilities to e-commerce since autumn 2025. Further merchant integrations are anticipated throughout 2026, with plans also including the rollout of point-of-sale payments in retail settings.
Key benefits highlighted for Wero include speed, security (with data processed exclusively within the EU), ease of use (requiring only a phone number or email), and no additional transaction fees for private users. Finanz Informatik is developing Wero in collaboration with 15 other European financial institutions.