undefined

points

[-]

Wero does several things. You can already send instant payments if you fill out IBAN and such, but entering order numbers, account references, and other such cruft for purchasing products is a pain. Companies receiving such payments also need to connect payment to a user and update their digital processes somehow. Wero offers such a solution so you don't have to find a PSD2 processor (which will probably cost just as much).

For interpersonal transactions I don't really see the advantage here, but for commercial use cases it's got a solid product and purpose.

Wero doesn't stand to benefit much from payment fees as European payment fees are already rather slim compared to, for instance, American ones (crazy things like percentages of purchase price with a minimum amount!).

by rkachowski5 hours ago|

prev|

[-]

wero is a european initiative set up by a consortium of banks that is built layered upon instant payments. it's not a private company like paypal or visa, its an attempt at making European payment infrastructure

by throwaway4738254 hours ago|

parent|

[-]

Sweden has a similar "initiative" set up by a consortium of banks (Swish), as do many other European countries.

Usually these systems raise their fees after being established, sometimes even higher than Visa/Mastercard.

Brazil's Pix is something else. It wasn't created by private entities to make money.

by jeroenhd2 hours ago|

parent|

[-]

Wero's Dutch predecessor, iDEAL, has been an established part of online payments for 20 years now.

As barely anyone has a credit card and very people want to deal with the faff of manually entering billing codes or account numbers, iDEAL usage is near universal for online payments. I don't recall fees ever going up as an end customer.

by throwaway4738252 hours ago|

parent|

[-]

Card fees aren't paid by end customers either. The Swedish iDEAL equivalent, Swish, is more expensive than cards for smaller transactions (below 15 euros). Wero will be like Swish, not Pix.

by jeroenhd1 hours ago|

parent|

[-]

Wero is not something that "will be", Wero already is. It used to be called something else for decades, but that doesn't change much.

by Pooge5 hours ago|

prev|

[-]

I couldn't have said it better. I don't understand what they solve.

We need instant, free SEPA transfers around the clock. Switzerland is not part of SEPA but IBAN is used so it is trivial to send payments to foreign accounts that have an IBAN.

I always say that the day Trump decides to block Visa/MasterCard outside the US is the day we get instant payments and finally get rid of cards.

by ptman1 hours ago|

parent|

[-]

SEPA instant already exists. I think it guarantees sub-10s transactions. Unfortunately it is not the default.