Wero faces adoption hurdles as European payment alternative

Wero, a payment service launched by the European Payments Initiative (EPI) to provide a European alternative to US-based providers like PayPal, is facing challenges with brand awareness and adoption. Despite having 57 million registered users across Europe, including nine million in Germany, a survey by Innofact shows that nearly one-third of respondents have never heard of the service. Only about 40 percent of those surveyed could correctly identify it as a payment service, while others mistook it for currency trading or investment apps.

In terms of active usage, only approximately seven percent of respondents use the service to send money or pay online. While Wero has expanded its capabilities from peer-to-peer mobile payments to online shopping, its growth remains gradual. The service is supported by a consortium of 14 banks and two payment service providers across several European countries, including Deutsche Bank, Sparkassen, and Volksbanken in Germany. Wero allows users to send money using a mobile phone number instead of an IBAN, utilizing existing banking infrastructure for security.