From September 30, major French banks are launching Wero, the new instant money transfer system that works using users’ telephone numbers. It replaces the Paylib tool, which has existed since 2013.
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Paylib is dead, long live Wero. The major French banks, members of the EPI (European payments initiative) conglomerate behind the project, are launching Wero on September 30. This new European “wallet” – 16 banks are already on board – allows users to make instant transfers, that is to say in less than 10 seconds. As with Paylib, only the telephone number is enough to send the funds, unlike a classic transfer which requires entering the recipient’s bank identifier (the famous Iban). Can you use it yet? If yes, when? Where to find it? Answer to these 5 questions.
Why is Paylib disappearing in favor of Wero?
The twenty French banks involved in the project wanted to change scale. Launched in 2013, the economic interest group (EIG) Paylib “has a European vocation”underline the French banks. They believe that Paylib has become a “reference for mobile payment in France”with its 35 million registered members – 15 million of whom are active. Wero thus constitutes the “first solution” European instant mobile payment system, already present in France, Belgium and Germany. Conversely, the Paylib payment solution between friends was based on a national scheme.
Which French banks offer Wero?
All banks that already offer Paylib. Namely the BPCE group – Banque Populaire et Caisse d’Epargne -, the Crédit Agricole group (including LCL), Crédit Mutuel (including CIC), but also large national banks such as BNP Paribas, SG and Banque Postale. But Wero is not available everywhere. The change will be “progressive”warns Paylib, with a “transition period” going until March. Wero is already operational on the Crédit Agricole mobile application, the user must first update it. The various establishments should have completed their major maneuvers by the end of 2024. EPI has revealed the precise timetable for the deployment of Wero on the French market:
- BNP Paribas: October 24, 2024
- BPCE: from September 2 to October 2, 2024
- Crédit Agricole: September 26, 2024
- Crédit Mutuel Alliance Fédérale: from September 25 to November 6, 2024
- La Banque Postale: October 28, 2024
- Société Générale: from October 24, 2024
- Crédit Mutuel Arkéa: January 2025
Where to find Wero on your bank’s app?
In the same place as the Paylib tool you are used to. It is usually found in the tab “payment” of your application. “The only thing that will change right away within your application. banking, it is the use of Wero rather than Paylib to send or receive money instantly”specifies the GIE. To activate Wero, you will first need to download the dedicated application, before then carrying out your transactions on your bank’s application. The latter will guide you through these different steps. Rest assured: during the banks’ transition period, Wero and Paylib are compatible. Paylib users can therefore send funds to Wero customers – and vice versa – free of charge and at any time. The only exception to this rule: the Postal Bank, which forces its customers to use the Wero application and not its own.
How to make a transfer to a friend with Wero?
The same way as with Paylib. Once your Wero account is activated, you can make your transfers. The first step is to designate your beneficiary or – if it is not already registered in your directory – to type in the recipient’s phone number. All you have to do is enter the amount and then validate the transaction using your security code or your biometric fingerprint.
Two scenarios then arise. If the beneficiary of the transfer has already activated their Wero account, they receive an SMS informing them that the money has arrived in their current account. Otherwise, he receives an SMS containing a link asking him to enter his Iban. It is only once this step has been completed that the recipient will receive the funds.
Will you soon be able to pay for your purchases with Wero?
It is indeed in the pipeline, but not before the end of 2025. “This will include payment at small merchants from the Wero wallet, and, ultimately, online payment on merchant sites as well as the management of recurring payments linked to subscriptions”specifies EPI in a press release published on September 30. At this deadline, you will not need to take out your bank card since the merchant – online or not – will present you with a QR code to scan or a link to go directly to the Wero system. And as for a transfer to a friend, you will have to enter the amount to transfer. In less than 10 seconds, the merchant can acknowledge receipt of the funds.
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