ING Deutschland launches real-time payment solution Wero

ING Deutschland customers can now send and receive money in real-time and free of charge directly from the ING app using Wero. This new payment feature is part of the European Payments Initiative (EPI), a collaboration of leading European banks and payment service providers aiming to establish a European alternative to existing international payment systems.

Wero facilitates account-to-account transfers in under ten seconds by utilizing SEPA Instant Payments. Registration for the service is digital and completed within minutes via the ING app. To send money, only the recipient's phone number is required, eliminating the need for IBAN details. Transfers are debited directly from the ING bank account and credited to the recipient's account, without the need for separate cards or accounts.

As one of Germany's largest retail banks with over 10 million customers, ING Deutschland aims to play a significant role in establishing Wero as a widespread payment method. The bank intends to leverage its extensive experience in digital payments for the development of the pan-European initiative. Wero is designed as a European alternative to international payment systems and is planned to expand its scope in the future to include payments in brick-and-mortar stores, online retail, and for service providers.

Looking ahead, Wero is set to expand its capabilities to encompass payments in physical retail, e-commerce, and for service providers. The EPI initiative is also working to make Wero available in more European countries and to attract additional banks as partners for the new European payment system.