Cross-border transfers are completed within 10 seconds, and the EU’s sovereign instant payment system wero is launched

According to news from this website on July 3, the European Payments Initiative EPI yesterday announced the launch of the EU sovereign instant payment system wero, which will be initially opened to customers of Volksbanken (Note on this website: Public Bank) and Sparkassen Bank in Germany.

The European Payments Initiative

1. comprised of 14 European banks and 2 payment service providers,
2. aims to strengthen European financial independence,
3. through a single payments system integrated in the mobile apps of member banks, Providing unified digital payment services to European businesses and citizens.

wero system

1. allows consumers to complete transactions within 10 seconds using a phone number, personal email address or generated QR code,
2. without the need to use an intermediary account or cumbersome 22-digit IBAN international bank account number .

   

   1. Deutsche Bank will join the wero system later this year.
3. Belgian KBC bank will become the first non-German bank to support the wero system by the end of July.
4. wero The system’s service in France will be officially launched in September~October after testing in the summer.

Eventually, all banks within the European Payments Initiative will support wero within six months.

In terms of functionality, the wero system initially only supports remittances from ordinary individuals to ordinary individuals;
In 2025, it will support payments to professional individuals and merchants;
In 2026, it will support in-store payment at the cashier and use first, pay later A series of functions included.

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