Competition for PayPal: Austria Considers Joining Wero

For a year now, there has been the European payment system Wero, which aims to compete with US giants like PayPal, Mastercard, and Visa. The payment solution, which enables real-time payments via phone number or email within Europe, is currently available in France, Germany, and Belgium. According to the Austrian Economic Chamber (WKÖ), Austrian banks are now also considering participation.

Austrian Banks Consider Participation in European Payment System Wero

"Strengthening European digital sovereignty in payment transactions is a significant goal," said Michael Höllerer, chairman of the WKÖ's federal division for banks and insurance, according to a press release on Wednesday. As part of the evaluation, local banks want to assess the potential customer benefits as well as the economic and technical aspects of such a payment solution.

Wero was developed by the European Payments Initiative (EPI), which is a consortium of European banks and payment service providers. The goal of the EPI is to strengthen Europe's independence in payment transactions.

(APA/Red)

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