Cash and Girocard cheapest payment methods for traders - Europe’s Wero payment system takes on Visa and Mastercard’s high fees
European retailers face high costs from card payments, with fees reaching up to €1 or 2.5% per transaction. A new pan-European payment system called Wero is now gaining ground to challenge US giants like Visa and Mastercard. Backed by major banks and retailers, the initiative aims to cut costs and reduce reliance on foreign providers like PayPal and Apple Pay.
Small shops often pay more for digital transactions than larger chains. Their limited bargaining power leaves them with fewer options and higher fees from credit cards. Some even avoid online payments entirely due to the expenses involved.
Wero and the future digital euro could lower costs for businesses by increasing competition in online payments. The shift may also reduce Europe's dependence on US providers like Visa and Mastercard. For now, cash and traditional card options remain widely available, giving consumers and retailers continued flexibility in how they pay.
