Wero App Gains Popularity in France, Challenges PayPal and Lydia

The instant money transfer app Wero is rapidly gaining traction in France following its launch in October 2024. Developed by the European Payments Initiative (EPI), a consortium of 16 European banks and financial services companies, Wero aims to replace Paylib and compete with established mobile payment systems like Lydia and PayPal.

Wero’s key advantage lies in its reliance on Single Euro Payments Area (SEPA) transfers, which are free and significantly reduce costs for banks, retailers, and users. The app facilitates peer-to-peer payments, enabling groups to split bills at restaurants or bars without cash. It also supports personal transfers, such as sending money to family members.

According to a 2024 study by market research group Kantar, 85% of 18-24-year-olds in France use mobile payment apps, combining them with traditional payment methods. Wero’s growth reflects this trend, with the app adding 14 million users in its first month in France.

To use Wero, individuals must have a current account with a participating bank. While most French banks support the app, not all are included. A full list of participating banks is available on Wero’s official website.

Starting in 2025, Wero plans to expand its functionality by enabling payments to small retailers and online shops via QR codes. This move positions Wero as a versatile tool for both personal and commercial transactions.

Meanwhile, new EU regulations are set to reduce fees for money transfers across the bloc. Starting January 2025, Greek banks, for example, will cap fees at 0.5 euros for transfers up to €5,000. This aligns with broader efforts to make digital banking more accessible and affordable.

Wero’s success highlights the growing demand for seamless, cost-effective payment solutions in Europe, as consumers and businesses alike embrace digital transformation.