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It's just an attempt to extend Paylib, initiated by BNP Parisbas. Paylib is an attempt to compete with Apple Pay, Google Pay and Samsung Pay with a 100% Europea
by Beretta_Vexee 2y ago
It's just an attempt to extend Paylib, initiated by BNP Parisbas. Paylib is an attempt to compete with Apple Pay, Google Pay and Samsung Pay with a 100% European solution.
But Paylib sucks. They came late to the market. Enrolment is difficult (you need account numbers and have to wait two days for validation). Payment is random and can take several days to announce that the recipient doesn't have Paylib or that their bank isn't a member. There are very few partners. Paylib has been used a lot for scams.
In contrast, Lydia (which was recently renamed sumeria), another French neobank initiative, is excellent. They started out as an online money pot service 13 years ago. Then they became a neobank. Registration is super simple and quick (scan you ID and the account is open in hours). They are compatible with google pay and amazon pay. They have a very effective instant transfer system with confirmation of receipt, payment by QR code, etc.. the fact that it's a separate account and confirmation requests are made on both sides, or even a physical check via a QR code, greatly limits scam attempts.
I paid for beers in a bar run by punks with it. That's the level of acceptability.
Wero comes too late, will probably be rubbish and will only concern a few large Western European banks.
- whazor 2y agoEPI tookover iDEAL, which is a really good payment service launched in 2006. The premise of European payment system is that consumers are protected via law and payments are dirt cheap. While Stripe charges in USA charges 2.9% + 0.30$ per payment, an iDEAL payment (with Stripe) costs only €0.29, that's it. For a television of 1000$, that is hefty 29.30$ payment fee. Since Wero will be EU wide, it is cheaper to integrate for web shops. Why go to Stripe/Adyen if with a single integration you can get the entire European Union? Don't worry, the adoption will be there.
- Beretta_Vexee 2y agoI don't see anything on the Wero and ETI websites to suggest that WERO is a replacement for Stripe, Paypal or any other payment intermediary. On all the French sites, what comes across is ‘Wero replaces Paylib for payments between friends’. For money transfers between individuals you know, there are already better solutions, including immediate SEPA wire transfers, Paypal and Sumeria. The question of transferring money to a stranger or to a business, whether by contactless phone payment or a QR code, remains unanswered.
- whazor 2y agoNo, it is already confirmed that Wero will (also) replace iDEAL in 2025. Currently, iDEAL is also the base for payment requests (payments between friends). But iDEAL is also definitely an alternative to Paypal for buying stuff from online stores. While Wero will not replace Stripe or Adyen, as these companies provide payment services, it does give companies better negotiation power. If an internal team of a big corp can build a payment integration themselves, they can negiogate a cheaper price at these. Before Wero, you would need to implement iDEAL, Bancontact, Trustly Sofort, Giropay, Przelewy24, Multiblanco, Paylib, and many many others. After Wero, its just one service targeting entire EU.
- donclark 2y agoWhy is it that we cannot provide a QR code money transfer solution in the US like they have in Singapore or India?
- Beretta_Vexee 2y agoBanks are incredibly resistant to change. I've heard of projects costing several tens of millions of euros being abandoned because the estimated number of calls to customer service following a change of habit would have been too high.