r/Damnthatsinteresting • u/Getatbay • 10d ago

Video EU has created a system that bypasses payment processing services like visa or mastercard

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u/Jolly-Bag7024 10d ago

Various EU countries have had payment processors competing with Visa and Mastercard for decades (CB, Girocard, iDeal, etc.). The difference here is the international ambition of the consortium.

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u/Own-Interaction-6970 10d ago

CB and Giro card are still network based. iDeal is A2A via SEPA rails. Wero is A2A via SEPA instant rails and is a huge technilogical upgrade.

While WERO does seek to work internationally, it will also cross functionally partner with payment methods like Bizum.

So, it's actually way more complicated and represents a significant technological step forward. It's not just a new UI on old tech.

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u/Worth-Wonder-7386 10d ago

The cross functionality is key for this to be a system that works internationally.
But things seem to be moving along: https://www.abnamro.com/en/news/parties-sign-mou-to-accelerate-the-rollout-of-sovereign-pan-european-payment

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u/Own-Interaction-6970 10d ago

Yes, its cleverly done. Wero will connect with some and replace others. Using the path of least resistance country by country.