The mobile payments market continues to grow in France, where around 6% of card transactions are now carried out via this means. However, this sector remains dominated by American players like Visa, Mastercard and Apple Pay. Now, this hegemony is being tested with the arrival of Wero, a new local payment service developed by the European Payments Initiative (EPI).
A project supported by major European banks
Wero, cf. official websitewas designed to offer a sovereign alternative to international payment solutions. This instant account-to-account payment service will be deployed in France to customers of major banks such as BNP Paribas, Groupe BPCE, Crédit Agricole, Crédit Mutuel Alliance Fédérale, Crédit Mutuel Arkéa, La Banque PostaleAnd Société Générale. While most banks will integrate Wero via their own applications, La Banque Postale customers will be able to use the dedicated application Weroavailable in application stores from the second half of October 2024. The first Wero promotional campaign will be launched in France on October 14.
A gradual deployment in France
The Wero deployment schedule in France extends from September 2024 has January 2025with progressive access for customers of partner banks. For example, BNP Paribas users will be able to access Wero from October 24, 2024while those of La Banque Postale will have access to the service from October 28, 2024.
The peer-to-peer (P2P) payment service will allow users to transfer money instantly using a phone number or email address. Wero will replace Paylib, which currently has 35 million registered usersand will offer additional features such as sending payment requests and generating individual QR codes, thus avoiding sharing contact information during transactions.
A pan-European expansion
Wero is not just reserved for France. The service has already been available in Germany since July 2024, and other European countries, such as Belgium, Luxembourg and the Netherlands, will follow soon. Wero will thus facilitate cross-border payments between participating banks, offering a unified solution on a European scale.
Towards a complete and scalable offer
Although Wero begins with payment between individuals, its ambition is much broader. Of the 2025the service will be extended to small merchants, then to large retailers, with availability for online and in-store payments. Features like installment payment (Buy Now-Pay Later), the integration of loyalty programs, and the management of recurring payments will also be added.
Within three to four years, Wero aims to become a complete European payment wallet, allowing its users to centralize and control their transactions in a simple and secure manner, while respecting data confidentiality standards and European regulations. With its many upcoming services, Wero is positioning itself as a credible alternative to payment solutions dominated by American giants. We obviously think of Apple Pay, but also PayPal, Lydia and even Visa and Mastercard.
A few words from French banks
Here is the reaction of the managers of all the establishments involved in this project.
Martina Weimert, CEO of EPI:
We are delighted to announce the launch of Wero in France. Our goal is to simplify life and payments. Wero is unique. It is a state-of-the-art, sovereign solution, designed by and for Europeans, which makes it possible to offer all types of payments, starting with person-to-person payments, while integrating the promise of immediacy and banking security. We arrive at the right time in the era of digital payments, offering the solution that Europeans expect for their payments.
Thierry Laborde, Deputy CEO of BNP Paribas:
Wero responds to the strategic challenge of seeing the emergence of a European payment platform in a very competitive global environment. This makes it possible to offer more value to customers, and greater simplicity for their daily payments in France and in partner countries. Already launched in Germany and now in France, we are delighted that Belgium, Luxembourg and the Netherlands will soon join us, and will be keen to welcome tomorrow the other countries wishing to participate in this European initiative.
Yves Tyrode, Managing Director Digital & Payments of Groupe BPCE:
With Wero, Groupe BPCE now offers all Banque Populaire and Caisse d’Epargne customers a new instant account-to-account payment solution that perfectly meets new expectations. Last December, Groupe BPCE was a pioneer when it successfully carried out the first cross-border instant payment transactions. On this occasion, we were able to show our know-how in payments and, with the European banks grouped within EPI, our desire to transform the European payments landscape by developing sovereign solutions.
Philippe Marquetty, Managing Director of Crédit Agricole Payment Services:
With a strong stake in sovereignty at the European level, Wero allows us to provide our customers with a simple, secure and easy-to-use solution. Wero will offer users comprehensive coverage of new payment uses. With Paylib we have opened the way to the use of Instant Payment, with Wero we are going to move up a gear.
Eric Petitgand, Managing Director of Crédit Mutuel Alliance Fédérale:
The launch of Wero in France represents a key step in strengthening European sovereignty in the financial sector. This initiative not only strengthens consumer confidence by offering them standardized and secure payment solutions, but it also contributes to the growth of the European economy by facilitating faster and completely reliable transactions, while promoting innovation and the competitiveness of our continent.
Laurent Jurrius, Innovation and Operations Department, Crédit Mutuel Arkéa Group Comex
The launch of Wero marks a decisive milestone for the European payments ecosystem. As a player committed to innovation, Crédit Mutuel Arkéa fully supports this initiative which embodies the ambition to offer a sovereign and secure instant payment solution. Wero is part of our vision of an inclusive digital future at the forefront of technological developments. This advancement reflects not only our ability to respond to the changing needs of our customers, but also our role as a pioneer in banking innovations.
Zakaria Moursli, Deputy General Manager at Banque Postale in charge of operational performance, payments and digital:
I am delighted with the arrival in France of Wero, which, as a true payment hub, will bring a universal approach to Europe, opening the door to Peer 2 Peer, digital commerce or local commerce. This universality of payment across each use case experienced by our customers will be facilitated thanks to its simple and intuitive application guaranteeing a fluid, unique and consistent user experience. For several years at La Banque Postale, we have been pursuing a proactive policy of supporting the digitalization of payments with the aim of developing useful, inclusive and committed innovations for the purchasing power of our customers. The democratization of free Instant Payment from 2022 and our pioneering role in the Paylib then EPI projects reflect LBP’s strategic interest in the development of payments.
Philippe Aymerich, Deputy CEO of the Société Générale group:
The Société Générale group is proud to participate in this fantastic collective initiative which will provide our customers with a new European, instant and innovative payment solution. We are convinced that the historical know-how of banks in terms of security, protection of their customers, and support for transformations are essential assets to ensure the success of Wero.
We only have one thing to say, well done. Let’s hope that the operation is as smooth as that of Apple Pay, otherwise we will be quickly sanctioned by customers.
