August's closing: Traditional payment techniques to be eliminated at savings banks
In a bid to modernise and streamline payment methods, Sparkasse, one of Germany's leading banks, has announced the launch of its new mobile payment solution, Wero. This innovative service is designed to replace the discontinued giropay and Kwitt services, which have been phased out since 2024 due to low usage.
Wero offers instant peer-to-peer (P2P) payments directly from one mobile phone to another, eliminating delays and simplifying the transfer process. Unlike traditional bank transfers, Wero doesn't require IBANs; instead, it uses email addresses or phone numbers for seamless transactions.
This new alternative is said to be more modern and interactive, with features like borrowing money or collecting funds together for a gift. Wero's real-time money sending via mobile phones sets it apart from conventional bank transfers, which can take hours or even a day to process and often require entering bank details.
Sparkasse customers can take advantage of this new service by downloading the app and linking their account to Wero. As an incentive, customers receive a €5 credit for the first activation of Wero.
The focus on data privacy is another key aspect of Wero. The service ensures secure transactions and maintains the confidentiality of its users' information.
Initially, Wero was intended to offer real-time money transfers and convenient online shopping payments. However, its primary purpose has evolved to cater to the growing demand for instant, mobile-to-mobile payments. In the future, it is planned to use the digital wallet for in-store purchases.
The discontinuation of giropay and Kwitt and the subsequent introduction of Wero marks a significant step for Sparkasse in its efforts to compete with well-known US payment services. The bank encourages its customers who used the discontinued services regularly to try the new alternative.
This promotion runs until September 14 and appears to be aimed at attracting customers. For those who are yet to experience the convenience of mobile payments, Wero offers a perfect opportunity to explore a more modern, efficient, and interactive payment method.
Other Sparkasse customers, in addition to those who frequently used giropay and Kwitt, can now explore a more modern and interactive finance option through Wero. This business venture into technology-driven mobile payments sets Sparkasse apart, offering a competitive edge in the finance industry.
