Comment by jorisw
3 hours ago
I'm just not sure this directly competes with MC/Visa the way the article suggests.
Didn't other EU countries already have something similar to iDEAL, as opposed to using credit cards? And now we're just consolidating them?
Also, isn't this just about online payments? Who's going to pay for a coffee with either Wero or a credit card? AFAIK most EU consumers use direct debit cards for in-store payments (those countries where cash is no longer popular), be it via Apple Pay / Google Pay or not. Many a card of which by the way is directly or indirectly powered by Visa or Mastercard.
At any rate, I don't see EuroPA or Wero break the 'hegemony' of Visa/MC the way this article claims.
I can only speak for my countries, but almost all payment terminals now have the option to scan a QR code with your mobile banking app to pay using Wero.
That's good. Maybe I haven't seen it because direct debit via contactless (including Apple Pay) is faster, hence the default, where I am.
> At any rate, I don't see EuroPA or Wero break the 'hegemony' of Visa/MC the way this article claims.
You're right, it does not. But it's a significant step towards that goal. In-store payments are next on the agenda.
As usual if there is reasonable competition this limits what the established actors can and will do.