Wero: Everything you need to know about the European Bizum that will transform digital payments.

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If you've ever heard your friends say, "Give me a Bizum," and wondered if there's something similar for all of Europe, you've probably come across the term Wero. This word has begun to make its way into conversations about technology and digital payments, especially since its launch in several European countries was announced. But what exactly is Wero? Is it the same as Bizum? Why is it generating so much buzz in Spain and the rest of the continent?

In this article, you'll find absolutely everything you need to know about Wero, the new European initiative that promises to transform the way we send and receive money internationally. We'll analyze its origins, how it works, its differences with Bizum and other platforms, the banks that support it, its advantages and challenges, as well as the prospects for expansion in Spain and other countries. We'll do so in a clear and accessible way, using natural language and examples that will help you understand why Wero could change our payment habits in just a few years.

What is Wero and how did it come about?

Wero is a digital wallet developed by the European Payments Initiative (EPI), A joint project of major European banks that seeks to create a proprietary alternative to North American payment giants like Visa, Mastercard, and PayPal. Wero's main objective is to offer a secure, unified, instant payment platform that allows people and businesses to send money instantly, make purchases in physical and online stores, and even easily pay subscriptions or bills.

One of Wero's key points is its pan-European approach: Unlike other very popular but national solutions, such as Bizum in Spain or Swish in Sweden, Wero was created with the ambition of being used in any European country that joins the initiative, facilitating cross-border payments and banking interoperability within the European Union.

The word 'Wero' was selected from over 200 possible candidates. and phonetically plays with the concepts of 'we' (we), 'euro' and 'truth' (vero, in Latin), reflecting the idea of ​​unity and common reliability of the Eurozone countries.

Origin and support of the European Payments Initiative (EPI)

EPI was founded in 2020 as an alliance of 16 European banks and financial companies, including ABN Amro, BNP Paribas, ING, Crédit Agricole, Deutsche Bank, Rabobank, and many other industry giants. The European Commission and the European Central Bank (ECB) have shown explicit support for this initiative from the outset, as it responds to a strategic need: to reduce the European financial system's dependence on American solutions and provide Europe with its own digital payments standard.

Currently, more than 30 banking entities support Wero., with a strong presence of German and French banks, the main drivers of the project in this first phase. In countries like Spain, Italy, and Portugal, where established national solutions such as Bizum, Bancomat, and MB Way already exist, banks remain somewhat wary and have not formally joined EPI, which has delayed Wero's arrival in southern Europe.

Wero's deployment is being carried out in stages: By 2024, the service will be available in Germany, Belgium, and France; Luxembourg and the Netherlands are expected to join in the coming months. As more banks join, its expansion will accelerate, reaching other markets as well.

Related article:

What is the digital euro and how will it change our money?

What is Wero used for? Main uses and benefits

Wero is designed as a comprehensive solution for payments between individuals and businesses, both within the same country and between banks in different European countries. Its practical uses include:

• Send and receive money instantly: allows users to transfer funds instantly using only their phone number or a QR code, even if they are in different participating countries.
• Shopping in physical and online stores: Wero is expected to allow payments in physical stores, e-commerce, and even for subscriptions or utility bills, using the app itself or by integrating with the mobile banking of participating banks.
• Centralized card management: makes it easy to manage all your cards and accounts from a single digital wallet.
• P2P, P2B and cross-border payments: That is, person-to-person payments, person-to-business payments, and international payments between countries in the European EPI area.

Wero's key lies in its cross-border capabilities: It is the first European system, born in Europe, that seeks to unite all countries under a single payment standard, facilitating money transfers without having to resort to intermediaries or credit cards from third countries.

Operation and user experience

Wero will be available both as a standalone app (on Android and iOS) and integrated into the banking apps of participating banks. The process for using it is simple and very similar to that of Bizum:

1. The user accesses their bank's app or the Wero app and activates the digital wallet service.
2. Authenticate with your usual banking credentials.
3. Select the bank account you want to associate Wero with.
4. Enter the mobile number or scan the QR code of the person you want to send money to.
5. Enter the amount, a concept if you wish, and confirm the transaction.

The transfer is immediate, and if the recipient is in another country but uses a compatible bank, the process is just as agile. Currently, instant payments between individuals are only possible, but the plan is to expand to in-store, e-commerce, and recurring payments in the short term.

Key differences between Wero and Bizum

Although the user experience is very similar to Bizum, there are notable differences that are worth knowing:

• European vs. national scope: Bizum is only available in Spain, while Wero can be used in any country where banks join EPI, enabling international payments.
• Bank support: Bizum has the vast majority of Spanish banks; Wero has more than 30 banks from Germany, France, Belgium, the Netherlands, and others, with plans to add more.
• Planned features: In the future, Wero will enable physical, online, and recurring payments from the same platform, seeking to integrate all payment needs under a single app.
• Planned expansion: While Bizum is looking to expand to Portugal and Italy, Wero has already launched in Germany, France and Belgium, and is expected to continue adding countries quickly.

Despite everything, Bizum is so established in Spain that it is expected that both will coexist for quite some time, using Bizum for national payments and Wero for international payments.

Wero's advantages and challenges for users and European banking

Wero arrives with the promise of multiple benefits, but also faces significant challenges in its early stages:

• Quick and easy payments: With Wero, sending and receiving money within Europe will be as easy as using Bizum in Spain, which greatly facilitates personal and business relationships.
• International and pan-European acceptance: will open the door to sending money instantly to any EU citizen whose banks participate, eliminating country barriers.
• Greater control and transparency: It will unify payments into a single platform, facilitating the management of family, business, and cross-border spending.
• Bank dependency: Without the massive collaboration of each country's banks, the rollout will be slow and fragmented. Spain, Italy, and Portugal are examples of markets where adoption is pending negotiations.
• Competition with already established platforms: Bizum, PayPal, MB Way, and Bancomat already have millions of users and widespread acceptance, which may hinder Wero's rapid implementation in some countries.

All of this without forgetting that market fragmentation can be curbed if banks from different regions reach agreements for real and effective interoperability.

When will Wero be available in Spain?

Currently, Wero is only available in Germany, France, and Belgium, although it is planned to launch in Luxembourg, the Netherlands, and other countries in the coming months. In Spain, Wero's arrival is up in the air and depends on negotiations between the EPI and Spanish banks. The main stumbling block is the strength of Bizum, which has the support of 38 entities and a fully implemented system in the midst of expansion.

There is no specific date for Wero to land in Spain, Although the ECB's interest and the need for a European solution are keeping negotiations open. Meanwhile, the platform's first real-world trials and tests are taking place in Central Europe, with the aim of adding users and demonstrating the system's robustness. The first successfully recorded transaction was for €10 in December 2023, and since then the number of users has multiplied, surpassing 40 million in just a few months.

Which banks are part of Wero?

Wero's initial core is composed of the main banking entities in Germany and France: ABN Amro, Belfius, Groupe BPCE, BNP Paribas, Crédit Mutuel, Crédit Agricole, Deutsche Bank, DZ Bank, ING, KBC, La Banque Postale, Nexi, Rabobank, Societe Generale and Worldline.

Almost all of them are banks with a strong presence in the heart of Europe, Although the EPI is open to new members, the more entities join the project, the faster the platform's coverage and real usefulness for European citizens will grow. Spain, for the time being, maintains a cautious stance, preferring to strengthen Bizum before launching a massive adoption of Wero.

Can Wero transform the European payments market?

The emergence of Wero responds to a profound transformation in consumer habits and in the European Union's technological independence strategy. The rise of digital payments, online shopping, and the need for immediacy have highlighted the urgent need to modernize standards and provide autonomous payment methods that comply with legislation, data protection, and European consumer demand.

EPI's vision is for Wero to become the pan-European standard for all types of payments: Fast, secure, highly interoperable, and private. If achieved, it will truly revolutionize the way we use money in our daily lives, both within our own country and when we travel or work internationally.

Advanced analytics and notification tools, as well as integration with loyalty and instant funding systems, enable both banks and users to benefit from a much richer and more customizable financial experience.

For now, it's time to move on. attentive to the evolution of Wero and the movements of the Spanish banks, because the direction is clear: Europe wants a Bizum for everyone, and Wero is its most serious commitment to making it a reality. If you're thinking about how to send money to any corner of the continent instantly and securely, Wero is the name you should start remembering.