Pretty much was already available via SEPA. We had a similar system in the Netherlands called ideal which has now been subsumed by Wero to join an European alternative. In the end the idea is simple. All participating bank accounts have lorum/nostrum accounts for the pairs. Whenever the Wero transaction succeeds the money is wired internally directly. I’m not sure whether this mechanism will be replaced by SEPA direct debit entirely.
Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
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Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#22As political instability has shown, it is a bad idea to have all your payments go through a single, weaponizable, failure point in New York.
Europe needs to be functionally as independent as possible.
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#23[deleted]
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#24> A Frenchman using Wero will be able to transfer money to a Spanish friend on Bizum, with the same simplicity as a domestic payment. Have you seen the new money app? It's on Tubu. It's on Weeno. I'm on Dippy but my friend is on Poob. Poob has it for you.
For the uninitiated: https://knowyourmeme.com/memes/poob-has-it-for-you
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#25Banks in Spain, Italy and Portugal are joining what this article describes as France’s Wero system [1]. («L'initiative française Wero».) Focus this year is on P2P transfers. Commerce is targeted for 2027. Given EuroPA has done a token amount of transactions to date, I’m not sure anyone should hold their breaths. [1] https://en.wikipedia.org/wiki/Wero_(payment)
Wero is not French, but it has replaced France's Paylib. It's pretty awesome and seems to quickly have replaced all other apps (Lydia, PayPal) for small payments in my friend and family circles. I'm excited to see it expand to PoS payments.
Can you confirm people in france actually use wero? I had heard of it every so often but basically zero people actually use it, my revolut app has a feature to use wero but never used it. I mean would be great, getting rid of CC fees could literally lower grocery prices by 1-2%.
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#26> A Frenchman using Wero will be able to transfer money to a Spanish friend on Bizum, with the same simplicity as a domestic payment. Have you seen the new money app? It's on Tubu. It's on Weeno. I'm on Dippy but my friend is on Poob. Poob has it for you.
I’m 50. All startup news looks like this:
“Payments via Zoosha? K-smog and Batboy launch new startup.”
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#27Banks in Spain, Italy and Portugal are joining what this article describes as France’s Wero system [1]. («L'initiative française Wero».) Focus this year is on P2P transfers. Commerce is targeted for 2027. Given EuroPA has done a token amount of transactions to date, I’m not sure anyone should hold their breaths. [1] https://en.wikipedia.org/wiki/Wero_(payment)
iDeal is an enormous success in the Netherlands so if banks implement it as well in other countries then it will definitely be competitive with credit cards for online payments
iDeal is in the process of being replaced by Wero, which is pretty cool!
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#28Wero rides on SEPA SCT Inst, already mandatory EU-wide. P2P will land
fast; merchant displacement is hard because card interchange funds the
chargeback layer SEPA doesn't replicate.
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#29Banks in Spain, Italy and Portugal are joining what this article describes as France’s Wero system [1]. («L'initiative française Wero».) Focus this year is on P2P transfers. Commerce is targeted for 2027. Given EuroPA has done a token amount of transactions to date, I’m not sure anyone should hold their breaths. [1] https://en.wikipedia.org/wiki/Wero_(payment)
iDeal is an enormous success in the Netherlands so if banks implement it as well in other countries then it will definitely be competitive with credit cards for online payments
Wero is the pan-European successor to ideal. Other countries had something similar. We are now converging on using the same technique and mechanism everywhere. It also takes a bite out of payment providers like adyen because they managed the different payment methods for shops. In the future you only need to use Wero.
Re: Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment
#30> A Frenchman using Wero will be able to transfer money to a Spanish friend on Bizum, with the same simplicity as a domestic payment. Have you seen the new money app? It's on Tubu. It's on Weeno. I'm on Dippy but my friend is on Poob. Poob has it for you.
LOL thank you domain squatters. I can't think of any other reason why startups often always have the most ridiculous names.