1mo ago

Austrian banks are considering joining Wero

www.vienna.at

Competition for PayPal: Austria Considers Joining Wero

The payment solution, which enables real-time payments via phone number or email within Europe, is currently available in France, Germany, and Belgium. According to the Austrian Economic Chamber (WKÖ), Austrian banks are now also considering participation.

As part of the evaluation, local banks want to assess the potential customer benefits as well as the economic and technical aspects of such a payment solution.

6 comments

This is good news. Wero is our best bet to get away from the US-dominanted payment systems (Visa, Mastercard, Paypal). I don't see any alternative? So, if Wero fails, it will take a long time until some other EU-based payment solution comes along.
- Twint also exists, but the best solution would seriously just be the gnu Taler
Wake me up when they consider joining Taler.
That description would make me not want to touch it with a ten foot pole.
- From my understanding Wero is closely related to iDeal, which has been the main online payment platform in the Netherlands for two decades now.
  The NL still needs to switch over though, but is set to do so by 2026 or 2027 last I heard.
  My experience with iDeal has been good overall
  Edit: I think Wero might be a good way in which Europe can decrease its reliance on American companies like Visa, Mastercard and Paypal
That's good news! However one problem I still see is that Wero will be limited to only the inside of the EU whereas the alternatives work also internationally. So not few people will still need paypal etc., which will probably make it even harder to convince them to switch over to Wero.

6 comments