INSUBCONTINENT EXCLUSIVE:
Sixteen major European banks have developed a groundbreaking payment system called Wero, aiming to rival Visa and Mastercard across the
enabling seamless cross-border transactions using personal bank accounts.For instance, a Swedish tourist could instantly pay for a Spanish
hotel without relying on Visa or Mastercard, potentially costing these giants billions in fees from European retailers.Wero reflects
operations in Russia following the Ukraine invasion.This action highlighted vulnerabilities in national payment systems
Martina Weimert, CEO of the European Payments Initiative (EPI), emphasized the need for a European alternative.European Banks Unite for Wero
Instant Payment System, Eyeing Payment Sovereignty
Wero aims to address this by offering a pan-European solution.While national systems like Swish in Sweden and iDeal in the Netherlands
The Monnet project aimed to establish a European card brand but was abandoned over a decade ago.EPI initially faced setbacks when Spanish
banks withdrew from the alliance
However, Wero plans to expand into e-commerce next year and later offer in-store payments across the continent.The global payments landscape
is evolving rapidly, with regional rivals emerging worldwide
face increasing competition
Digital wallets like Alipay, WeChat Pay, Apple Pay, and Google Pay are emerging as significant challengers.
