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The speed and efficiency in financial transactions have become indispensable, and Europe is not lagging in this transformation. In this setting, Wero emerges, the budding digital wallet poised to revolutionize the instant payment landscape across the continent. Developed under the aegis of the European Payments Initiative (EPI), Wero stands as a unified solution, marking the beginning of an era where payment management becomes an intuitive, immediate, and above all, unified process. In a market where national solutions like Bizum in Spain have garnered attention, Wero aims to elevate this convenience to a transnational level, promising seamless integration with multiple banks and services. With initial landing plans in Belgium, France, and Germany, and a vision to sprawl across the continent, Wero is a harbinger of a more connected Europe.
What is Wero?
Wero is a digital wallet developed by the European Payments Initiative (EPI). It will be available on the apps of EPI member banks and also as a standalone mobile app on Android and iOS. Backed by reputable banks such as ABN Amro, Belfius, BFCM, and BNP Paribas, it’s a comprehensive solution with the potential to unify the instant payments market in Europe. By integrating multiple banks and services, it’s poised to transform how Europeans conduct financial transactions.
This digital wallet will enable users to access a wide range of payment services, from person-to-person transactions to online and in-store purchases. EPI plans to launch Wero in Belgium, France, and Germany by mid-2024, with plans to extend to other countries in the following years.
Its rollout is designed in phases. In its first stage, it will focus on instant person-to-person (P2P) and consumer-to-business transactions. Subsequently, it will expand to include online and mobile payments, culminating in enabling payments at points of sale. This gradual approach ensures each aspect of the digital wallet is effectively implemented.
According to Martina Weimert, CEO of EPI, the name “Wero” was carefully chosen from a list of 238 candidates. It combines elements representing the collective European character and is close to the word “Euro.” Additionally, “Wero” resembles “vero,” which means “true” in Latin-origin languages. This catchy and meaningful name could play a crucial role in the adoption of the digital wallet by consumers.
The European Payments Initiative (EPI)
EPI is an initiative backed by 16 European banks and financial services companies aiming to build a payment solution tailored for Europe. The creation of Wero also aligns with the goal of providing a robust alternative to digital payment giants like Visa and Mastercard. However, not all banks part of EPI are participating in this initiative.
Despite ECB’s support, the implementation of Wero has divided European banks. While banks from countries like France and Germany are behind the initiative, banking entities from Spain, Italy, and Portugal are exploring different possibilities in response to EPI’s movement. While some see this new digital wallet as an opportunity to unify payments in Europe, others see it as a threat to already established payment solutions.
The European Bizum Bizum, born from the collaboration between multiple banks in Spain, is a success. Wero aspires to be the Bizum of the whole Europe. By offering a unified solution that connects national schemes into a single market, there will no longer be separate solutions for each country. By connecting the banks of European countries, Wero proposes a unique solution instead of interconnecting existing national solutions, with the potential to transform the instant payments market on the continent. It is also designed to handle a broader range of transactions, including in-store and online transactions, making it a more comprehensive solution.
Transforming the Future of Payments
In an exclusive interview with Martina Weimert, EPI has ambitious plans to become a new standard for all kinds of retail transactions. The initiative is also open to third-party integration and will offer a range of value-added services, like merchant loyalty programs and instant financing through banks.
In addition to the possibility of utilizing multiple bank accounts and making instant transfers, Wero provides consumers immediate control and access to their budget and financial position. Its benefits include immediate visibility of all unified transactions, ensuring total transparency and immediacy for consumers, and a single authentication process, offering a unified experience across different payment scenarios.
For banks, the main incentives to offer or join EPI include access to an innovative solution with broad coverage, alignment with regulatory trends towards instant payments, and the opportunity to develop a future business model centered on instant payments.
Customer Experience: The Impact of Strategic Tools
The integration of specialized tools in real-time data analytics, notification customization, and critical event management could be a game-changer for banks adopting Wero. These solutions provided by Latinia could significantly accelerate the market launch time of these new initiatives, ensuring an exceptional customer experience.
Besides ensuring an excellent user experience, managing critical notifications is a crucial element, especially when dealing with an app that connects with multiple banks like Wero. These notifications are vital for processes like onboarding new users and implementing robust security measures. In this context, having a company that can offer specialized software like Latinia in successful critical notification management becomes an invaluable asset. This is one of the reasons why the synergy between these specialized solutions and Wero could mark a before and after in the way banks and consumers interact with digital payment platforms.
Categories: Trends