The precursor to this system (iDEAL) has been running in The Netherlands for 21 years. Pretty much all transactions of Dutch webshops and even a lot of foreign webshops (thanks to Stripe support) by Dutch buyers go through iDEAL, as well as most digital P2P payments in Europe.
replyMany other EU countries have had similar systems for years, but Wero is standardizing it between a bunch of countries.
I think EU citizens are excited mainly because of winning back their digital sovereignty, nobody said this would be cutting edge technology. Actually the simplicity of the solution is key (Wero is based on EU’s proven SEPA Instant Payment rails).
replyThat being said, what I do not like about Wero is that some parts of the infrastructure is based on AWS and or Google cloud; hopefully they will switch to European clouds, soon.
I wouldn't count on that, in-order to provide rock solid financial service, you definitely need a reliable cloud provider. There is no true equivalent in EU for a cloud provider like that at the moment
replyTo me this is like saying that it is no use trying to prevent your arm from being cut off because if you try you will lose a finger.
replyWhat use is american cloud reliability if it can't be trusted in with sovereignty the first place?
This sovereignty debate is the dumbest thing I’ve heard, like a country can be sovereign, but Europe is not a country. It’s like saying Asia is going to be so sovereign. We all saw how the unity of Europe with brexit.
replyThe excitement isn't about innovation but about solving a problem: Increasingly unreliable US in payment system
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