Goodbye Visa and Mastercard: 130M Europeans switching to sovereign payment (lesnumeriques.com)

Article summary

Five European leaders in mobile payments, including Bizum, Bancomat, MB WAY, and Vipps MobilePay, are joining forces to create a sovereign payment system, aiming to reduce dependence on Visa and Mastercard. The system, which will be launched in 2026, will allow for peer-to-peer transactions and online payments, and will be available in 13 countries. The goal is to cover 72% of the European population by the end of the project. The system will be managed by a central hub, ensuring interoperability between different payment systems.

Main themes

• European payment system
• Sovereign payment
• Visa and Mastercard alternative
• Mobile payments
• Financial independence
• Digital economy

What commenters say

• Wero is not a significant improvement over existing payment systems, lacking features such as buyer protection and obfuscation of banking data.
• The system's reliance on bank APIs and SEPA instant transactions limits its functionality and user experience.
• Wero has the potential to replace PayPal and other payment services, offering a more convenient and secure way to transfer money.
• The system's success depends on its ability to integrate with existing banking systems and provide a seamless user experience.
• Some users are skeptical about the need for Wero, citing the existence of other payment systems such as iDeal and the potential for the Digital Euro to replace contactless payments.
• Others see Wero as a valuable alternative to credit cards and PayPal, offering a more efficient and cost-effective way to make online payments.
• The system's expansion to point-of-sale payments and its potential to reduce fees for merchants and consumers are seen as significant advantages.
• The lack of support from some banks and the need for users to share their contact lists are notable drawbacks of the system.