New Alternative to Bizum: It’s Starting to Become a Reality

Send or receive money In our daily life it is very simple, because at the end of 2016 payment platform Bizum, which allows you to send and receive money in less than 10 seconds using just one phone number and the bank account associated with it.

Until now this application was unique on the marketbut it looks like the situation will change with the arrival new competitor.

His name is we were and this is recent The app appeared in Germany which is designed to harmonize and even improve upon the features of Bizum. In fact, Wero offers the possibility send money To anyone in Europewithout having to be in your home country, as is the case with Bizum. In addition, it also allows you to faster transfers, fast payments And insurance And online shoppingamong other services.

ECB support

The application is promoted by the company European Payments Initiative (EPI) and has, in particular, support of German banks the main ones being BNP Paribas, Deutsche Bank or ING Direct. Likewise, the European Central Bank (ECB) has given it support, so it is expected that: in the coming months, The platform reaches countries such as France, Belgium, the Netherlands and Luxembourgfor the purpose of operational activities in all European banks who joined the project in six month period.

He the method of work is simple: via the bank’s app, if the bank joins Wero, the transfer can be made to another person whose bank also works with Wero.

Waiting in Spain

Meanwhile, in Spain, the most used payment method remains Bizum, with a total of 26 million active users And before 38 subsidiary banks in service, so Wero’s arrival in our country is not expected. However, in order to avoid losing influence, the Spanish platform intends spread throughout southern Europein countries such as Portugal and Italy to stop their competitor from taking over that part of the European market.

However, the ECB said your preference Werobecause it allows cross-border paymentsunlike Bizuma. That is why the Spanish payment platform has expressed its intention to collaborate with different types of payment systems in the future, hoping that this new application will be successful in a large part of the European continent.