Digital camp: New digital payment system launched in Europe, which no longer uses cards or cash

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A new payment system has been launched in Germany, but will be expanded across Europe. The new payment method is called “Vero” and does not use cards or cash. Payments are made directly from the phone through participating banks. Chip cited that 16 major banking institutions in Europe will implement the new payment system, which will become a rival to the American PayPal system.

The system was launched by the European Payments Initiative (EPI) and will soon be rolled out across Europe. It has already been tested in Germany and will be operational from July 2. “Vero” will enable direct mobile-to-mobile payments across Europe.

16 major banks in Europe have joined the system

From July 2, customers of selected banks in Europe will be able to use “Vero” to make payments directly from one mobile phone to another. This can be found in the changelog of the Savings Bank application. In Germany, savings banks and Deutsche Bank are part of this network. In total, 16 financial service providers in Europe are collaborating on the new payment system.

By launching the first expansion phase of “Vero”, EPI sends a clear signal to the standardization of European payment operations. At the European level, the focus is on creating an independent payment system to replace the offerings of large American companies such as PayPal.

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