French banks begin to use Wero - the EU rival to Apple Pay
The new payment system is launching for clients at some French banks in October
People with accounts at participating banks do not need to associate a bank card with the app
Stokkete/Shutterstock
Wero is a mobile digital payment system developed by a group of European banks to replace bank cards and offer a cheaper alternative to Apple Pay and PayPal. It is scheduled to become available for clients of certain French banks in October.
The Wero app, developed by the European Payments Initiative - a partnership of 16 European banks - launched on July 2 for clients with accounts at six Belgian and German banks after several years of development.
Its launch in France was announced on September 2, with most participating banks scheduled to roll out the system in October.
Wero will be made available for download for Apple (iOS) from the App Store or for Android from the Google Play store before the end of the month.
However, the technology is expected to be integrated directly into the existing apps of most participating banks, meaning that their clients will not have to download it.
The new system will effectively replace Paylib - the app that was previously championed by several French banks - which is scheduled to be retired in early 2025.
Wero and Paylib will be compatible during the transition period, meaning that clients will be able to send money to someone with the other app.
What is Wero for?
One of Wero's stated long-term ambitions is to replace payment by charge and credit cards, Apply Pay and Paypal, all of which come with associated costs for vendors.
The Wero system is designed to allow commission-free money transfers online or in-store purchases via mobile phone.
Since the new system relies on Sepa payments, users will not need to associate a bank card with it, unlike the Apple Pay and Paylib systems.
Sepa payments mean that customers can send money to their beneficiaries in less than 10 seconds.
However, during its initial phase Wero will only work for peer-to-peer payments.
People with accounts at participating banks will be able to use the Wero app to send money (to other registered accounts) via:
Read more: Apple Pay: can you use with French bank cards, Navigo, OrlyBus, RER?
When will Wero be available in France?
The app is launching in France in October 2024 for clients with French bank accounts at:
However, due to the regional nature of many French banks - and the need to update their apps - the rollout is staggered.
Wero's development has been hit by several delays, not least of which were caused by Apple’s requirement for a commission to use its proprietary systems, however a recent European Commission ruling has helped smooth the app’s path forward.
"It's not a simple project, it took a long time, it's very difficult from a regulatory point of view,” Wero managing director Martina Weimert told 20 minutes. "It has not been easy to get to where we are now".
She added that after the app's launch, the "true battle" would be to get shops and businesses to use it.
