A new European payment system called Wero is available for those who prefer to pay via their mobile phone in Germany, DPA reported.

KEY FACTS

• Most savings and cooperative banks in Germany already work with Wero, the agency said.
• The payment system is a competitor of the American company for online payments and financial services PayPal, as well as Visa and Mastercard.
• Among the goals of the project is to stop the distribution of Apple Pay and Google Pay services in Europe.

WHAT TO WATCH FOR

Unlike money transfers made through banks, with Wero, you do not need an international bank account number (IBAN) of the recipient of the money. Instead, you can use his mobile phone number or his email address, BTA reported. Money is sent and arrives within 10 seconds, according to Wero’s creators.

It should be possible from 2025 to be able to make online money transfers through the app, and from 2026 to be able to make payments in larger stores.

Wero is supported by a joint venture involving 14 banks and two payment companies. Among the banks participating in the project is the Belgian KBC.