August marks the implementation of traditional payment methods at savings banks.
In a significant move towards digital payments, Sparkasse, one of Germany's largest banks, has announced the introduction of a new payment method named Wero. This modern successor to Kwitt and giropay is set to replace the outgoing payment services, marking a new era in payments for Sparkasse.
Wero promises faster and more efficient mobile payments, with transactions taking just a few seconds. Over a million customers have already activated Wero, as announced by the DSGV.
The new payment method eliminates the need for an IBAN, allowing a phone number or email address to be used for sending and receiving money with Wero. This feature provides a more convenient and user-friendly approach to mobile transactions.
Initial tests for Wero's online shopping feature are already underway, and the service is expected to be available for use in online shops starting from this summer. Some functions of giropay or Kwitt have been gradually shut down since the end of 2024, with Sparkasse phasing out the payment service giropay or Kwitt, effective August 25, 2025.
The new payment method is set to offer new possibilities for mobile transactions, including cross-border payments, such as to France or Belgium. Wero can be activated quickly and easily with enhanced security, ensuring a safe and seamless user experience.
In addition to Wero, Sparkasse has integrated their card services with mobile wallet platforms such as Google Pay and Apple Pay, enabling contactless payment via smartphones and smartwatches. This transition emphasizes digital and convenient payment options over the older giropay/Kwitt systems.
The partnership with Google also includes digital age verification services leveraging wallet-based credentials, signaling a broader digital wallet strategy beyond just payments. For Austrian customers, a new Austrian Miles & More credit card launched in 2026 supports mobile payments and provides additional benefits such as earning miles, travel insurance, airport lounge access, and cashback on foreign currency transactions.
The new payment method, Wero, is expected to be more efficient than the outgoing giropay or Kwitt service. The days of convenient mobile money transfers via smartphone as customers knew it with giropay or Kwitt are numbered. The new era of digital payments is upon us, and Sparkasse is leading the way.
The new payment method, Wero, offers a more efficient way for family and friends to transfer money, as it eliminates the need for an IBAN and allows the use of a phone number or email address. With the phase-out of giropay and Kwitt, and the introduction of new technologies like Wero, Sparkasse's finance-focused business strategy is transitioning towards a more digital and convenient future, revolutionizing technology in the realm of mobile payments.
