Europe has come up with its own “SBP” and the European Payment Initiative has reported on the launch of WERO in Germany. The logic of payment using a phone number turned out to be so revolutionary for Europeans that it is already collecting rave reviews from users and a bunch of articles by financial analysts about the “genius” of this idea.
We are waiting for the launch of the payment method in other EU countries and, as expected by the creators, it will be able to supplant not only PayPal, but also card payments.
And also, first of all, transfers by IBAN. Europe is one of those regions where bank transfers by IBAN number are still very much in vogue. And although Europeans are often considered very innovative in their own financial publications, when looking at the world’s payment systems – it is safe to say that this is rather not the case.
Europe lags very far behind Asia, for example, in terms of convenience and inclusiveness of payment services. At the same time, most CIS countries also operate much simpler and more convenient payment methods than the bank transfer to IBAN.
With this in mind, one cannot but note that this is a really serious step for Europeans. Nevertheless, worries about the security of such payment and potential risks have not yet subsided; perhaps we should expect changes in the float or regulation.
Earlier we written that Giropay will be replaced by the new European platform WERO.
