Traditional savings institutions advocate for the implementation of Wero, rather than the digital version of the Euro.
The European Payments Initiative (EPI) has launched its payment procedure named Wero, aiming to provide a European alternative to US competitors such as PayPal, Mastercard, Visa, and others. As of August, ING, Europe's largest direct bank, offers Wero to its ten million customers in Germany.
The European Central Bank (ECB) has been considering a digital variant of the European common currency for years, and central banks in the Eurozone are working on a project for a digital Euro with a similar goal. However, the introduction of a digital Euro for private customers is not expected until the end of 2028, according to the latest public statements.
Stefan G. Reuß, the managing president of the Sparkassen and Giroverband Hessen-Thueringen, has expressed concern about the delay in introducing the digital Euro. He believes that Europe must be prepared for the possibility of US payment service providers leaving the European market due to political turmoil. In light of this, Reuß suggests that instead of a digital Euro, Wero should be officially used as the only European-wide payment procedure.
Reuß believes that politics, the ECB, and national central banks should encourage hesitant banks to promote Wero due to the potential withdrawal of US market players. He suggests that gentle pressure should be exerted on these banks to ensure the comprehensive expansion of Wero. Reuß argues that the delay in introducing the digital Euro is hindering the expansion of Wero due to some banks in Europe not wanting to build parallel structures.
According to Reuß, the argument of payment policy neutrality by central banks no longer applies in the current context. He is concerned that the delay in introducing the digital Euro is hindering the growth of Wero, and he believes that Europe needs a strong, competitive, and independent payment system.
Wero is currently operational and available in Germany, France, and Belgium. Initially, it was accessible only through apps of Sparkassen and Volks- und Raiffeisenbanks in Germany. However, it is now available through a separate Wero app, for example, at Postbank. The search results do not provide specific information about Reuß or the hesitance of European banks concerning a rapid expansion of Wero.
As the digital Euro remains on the horizon, the call for Wero as the European-wide payment procedure is gaining traction. The question remains whether the European banking sector will embrace this alternative and work towards a more competitive and independent payment system.
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