Finance company ING unveils rival to PayPal, named Wero
In the competitive world of online payments, a new player is making waves across Europe. Wero, a European alternative to established US payment services like PayPal, Mastercard, and Visa, was launched by the European Payments Initiative (EPI) in July 2024. Now, it's making its way into the hearts and pockets of European consumers.
ING, a major European bank with around 40 million customers, has announced that it will offer Wero to its customers in Germany, starting August 2025. This integration with ING's banking app is a significant step for Wero, as it aims to reduce European dependency on US payment service providers.
Wero offers a unique service, allowing users to send money in real-time to a mobile number or email address without needing the recipient's account number. This feature, combined with the use of SEPA Instant Payments, ensures swift and secure transactions within ten seconds.
The integration of Wero into ING's banking app is not confined to Germany. The bank plans to offer Wero to its customers in France and Belgium, with negotiations for Austria ongoing. Wero is already operational in several countries beyond Germany, including France and Belgium, and soon, the Netherlands.
Wero's growth potential is promising. It benefits from strong backing by major European banks, millions of existing users adopted through collaboration with popular local banks and payment systems, and integration with mainstream banking apps. The regulatory and political push in Europe for payment sovereignty and reduced reliance on US fintech companies further boosts Wero's prospects.
However, Wero faces challenges in a market dominated by US-based giants like PayPal, which still holds a significant advantage with over 430 million accounts globally. European alternatives like Wero must scale cross-border interoperability, convince merchants and consumers to switch from established platforms, and expand features beyond peer-to-peer transfers to cover a full suite of services.
Despite these challenges, Wero's future looks promising. As it continues to evolve its ecosystem, expand features, and gain merchant acceptance, it could truly challenge entrenched US providers like PayPal. The race for European payment dominance is on, and Wero is a contender to watch.
[1] Source: Wero press release, August 2025 [2] Source: EPI press release, July 2024 [3] Source: PayPal Q2 2025 Earnings Report
The community policy of Wero, the European alternative to established US payment services, has been updated following its integration with ING's banking app, providing clarity on the use of Wero services for vocational training and business transactions.
As Wero continues to expand beyond Germany and into France, Belgium, and the Netherlands, it seeks to finance its growth through strategic partnerships with major European banks and the utilization of cutting-edge technology to enhance its services, aiming to compete on par with US-based fintech giants like PayPal.
