European payment service Wero launches in Belgium
The European payment service Wero, through which some 16 European banks aim to compete with services such as PayPal, Mastercard and Visa, was officially launched in Belgium on Tuesday. Payconiq will be replaced by Wero after a transitional period.
The European Payments Initiative (EPI) last year acquired Payconiq International, the company that manages the technical platform for Payconiq and iDEAL payments in Belgium and the Netherlands. It plans to phase out the use of Payconiq in Belgium and replace it with Wero, a European payment service.
EPI has already integrated Wero into the banking applications of its member banks in Belgium: Belfius, BNP Paribas Fortis, Fintro, Hello Bank!, ING, KBC and CBC: customers can use the Wero digital wallet to instantly send and receive money from friends and family by scanning or generating QR codes.
Wero has already been launched in Germany and France. Cross-border payments to contacts in France and Germany are automatically integrated, with the Netherlands and Luxembourg to follow at a later date. From next year, subscription payments, deposits for car rentals or hotel reservations, and cash on delivery will also be available.
Payconiq to disappear
The Payconiq and Wero payment methods will continue to co-exist for the time being, but after a transition period, Payconiq will be completely replaced by Wero. When Payconiq will be discontinued will be communicated during 2025, says the EPI. For consumers, Wero will be free and prices for merchants will remain the same as for Payconiq.
EPI CEO Martina Weimert stressed the strategic importance of controlling payments in Europe. EPI can offer all types of payments through one solution, "designed by and for Europeans", she said on Tuesday.
© BELGA PHOTO JASPER JACOBS
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