British bank Revolut joins European payment system Wero

The European payment system Wero has a new member: the British neobank Revolut has joined the European Payments Initiative (EPI). Revolut is integrating the Wero mobile wallet into its app and will offer users in Germany, Belgium and France the opportunity to send and receive money via the service in the Revolut app. The launch will take place in July 2025, EPI announced.

Wero – a combination of We (English for We) and Euro – is a payment service that makes it possible to transfer money using a cell phone number or email address, similar to the US Paypal system. The money should be credited to the other party's account within a few seconds.

The system was launched in July 2024. 14 European banks and two payment service providers were among the initiators. The aim is to establish a European payment system in order to become independent of US service providers such as PayPal, Applepay, Visa and Mastercard.

Wero is only available in three countries

However, Wero is currently only available in Germany, Belgium and France. According to EPI, around 40 million users are registered there. This figure is likely to rise soon: Revolut claims to have more than 50 million users worldwide and processes over 500 million transactions per month.

The range of functions of the payment system is also still limited: currently only private person to private person (P2P) transfers are possible. Another problem is that a number of banks have not yet integrated Wero.

However, the EPI intends to release further functions: Wero is to be used in e-commerce from July this year. Purchases in online stores can then be settled via Wero. From the middle of next year, brick-and-mortar retailers will also be able to use Wero.

Wero will also be available in Luxembourg and the Netherlands in 2026. The Netherlands wants to integrate its national online payment method iDEAL, which has a market share of around 80 percent there, into Wero.

(wpl)