German Banks End Giropay, Focus on European Payment System Wero

The European Payments Initiative aims to establish Wero as a regional alternative to dominant US payment platforms like PayPal.

Giropay, the online payment system launched by German banks in 2015 to rival PayPal, will be discontinued at the end of 2024 due to underperformance.
Wero, introduced in July 2024 by the European Payments Initiative (EPI), is positioned as a pan-European alternative to US payment giants like PayPal, Visa, and Mastercard.
Initially available to Sparkassen and Volksbanken customers, Wero has since expanded with a standalone app and plans to offer broader features such as in-store payments by 2026.
Despite skepticism about its ability to compete with established players, Wero has 14 million users across Germany, France, and Belgium, with further expansion planned for 2025 and beyond.
The platform aims to enhance its appeal with features like installment payments, loyalty program integration, and recurring payment management in future updates.