Bye bye Visa, Mastercard, Paypal, and many others. They can go and play “America First”. We’ll have our own independent system by november 2025.
Bye bye Visa, Mastercard, Paypal, and many others. They can go and play “America First”. We’ll have our own independent system by november 2025.
Here in Italy we have Satispay. It is already quite big. I guess there are still some limitations but these are quickly fixed. Direct bank transfers and reduced fees Satispay
There’s something similar in Spain called Bizum, created by banking institutions. Most Spanish banks implement it so your phone number is associated to your back account, so you can send and receive money instantly without fees to anyone just by knowing their phone number. Works really well.
The program has expanded to Italy and Portugal too. The UE will end up mandating Europe wide interoperability among the biggest ones, is my guess
I haven’t come across this one. Important difference: Wero is a EU government program, Satispay is operated by a private company.
A private company that is already enshittifying, to be precise. After years of gathering market share by being a zero commissions solution, lately they introduced commissions in some cases higher than what more consolidated payment solutions have.
This is what makes me hopeful with Wero being a government initiative, but it needs a serious push before it starts to become useful.
Do we have any documentation about the origin of the infrastructure providers for Wero?
Sure. Wero is interesting because it is an official program but I am worried that it may not be so widespread. Here in Italy I never heard of it. Never seen anyone using it. Maybe it is new?
I learned about it recently myself on Lemmy. Many French banks are enrolled, but only 1 German bank. I hope it can develop, but today it’s practically useless. It needs a serious push from national governments if they want it to succeed.
It is very new, yes
Its not really new. Wero is a rebrand of the Dutch iDeal which has been in widespread use for over a decade
I think that’s wrong. Wikipedia says it’s a new system. And yes, it started last year, so it is still rather new