Competition for PayPal?
New European payment system Wero launched
Wero, a new European payment system, was launched on Tuesday to compete with US top dogs such as PayPal, Mastercard and Visa. In Germany, for example, the digital wallet will enable real-time payments at most savings banks and cooperative banks.
The EPI payment system initiative consists of 14 European banks and two payment service providers. While the German Commerzbank is not participating, Deutsche Bank, for example, is a member of the EPI joint venture, but will probably only launch Wero at a later date.
EPI aims to strengthen Europe's independence in payment transactions. However, critics accuse the initiative of being too late to the market. In addition, Wero is initially focusing primarily on Germany, Belgium and France. Other large countries such as Italy, Spain and Portugal are not currently involved. The latter also applies to Austria.
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