Wero is just another private company trying get their cut of payment fees. You can do the same thing with SEPA Instant Payment (or some member states outside of the Eurozone have their own similar thing).
I don't see why Wero should exists, their business model seems like "trying to get money for the same service you can get for free".
Wero does several things. You can already send instant payments if you fill out IBAN and such, but entering order numbers, account references, and other such cruft for purchasing products is a pain. Companies receiving such payments also need to connect payment to a user and update their digital processes somehow. Wero offers such a solution so you don't have to find a PSD2 processor (which will probably cost just as much).
For interpersonal transactions I don't really see the advantage here, but for commercial use cases it's got a solid product and purpose.
Wero doesn't stand to benefit much from payment fees as European payment fees are already rather slim compared to, for instance, American ones (crazy things like percentages of purchase price with a minimum amount!).
wero is a european initiative set up by a consortium of banks that is built layered upon instant payments. it's not a private company like paypal or visa, its an attempt at making European payment infrastructure
Sweden has a similar "initiative" set up by a consortium of banks (Swish), as do many other European countries.
Usually these systems raise their fees after being established, sometimes even higher than Visa/Mastercard.
Brazil's Pix is something else. It wasn't created by private entities to make money.
Wero's Dutch predecessor, iDEAL, has been an established part of online payments for 20 years now.
As barely anyone has a credit card and very people want to deal with the faff of manually entering billing codes or account numbers, iDEAL usage is near universal for online payments. I don't recall fees ever going up as an end customer.
Card fees aren't paid by end customers either. The Swedish iDEAL equivalent, Swish, is more expensive than cards for smaller transactions (below 15 euros). Wero will be like Swish, not Pix.
Wero is not something that "will be", Wero already is. It used to be called something else for decades, but that doesn't change much.
I couldn't have said it better. I don't understand what they solve.
We need instant, free SEPA transfers around the clock. Switzerland is not part of SEPA but IBAN is used so it is trivial to send payments to foreign accounts that have an IBAN.
I always say that the day Trump decides to block Visa/MasterCard outside the US is the day we get instant payments and finally get rid of cards.
In Germany we have free instant SEPA transfers. What Wero solves is that you can send money without giving your IBAN number, which at least in Germany can be used to take money from your account.
So you get standardized payment system where you scan a QR code or NFC tag with your bank app and the payment goes through IBAN and the system shows an approval of payment.
It still uses the same systems under the surface.
> your IBAN number, which at least in Germany can be used to take money from your account
What the f#*k?!
SEPA instant already exists. I think it guarantees sub-10s transactions. Unfortunately it is not the default.
SEPA is only for Euros but there are countries that don't use Euros that still use IBAN (e.g. Switzerland and UK).