It's a bitter lesson for almost every founder: business ideas only succeed if they fulfil a need or, even better, can solve a problem. After the costly bankruptcy of Paydirekt, part of the German banking industry seems to be determined to repeat this lesson. At least that was the impression that emerged at a recent event in Frankfurt's banking district. On the occasion of the connection to the Postbank app, the local leaders of the European Payments Initiative vigorously drummed up support for Wero.

Savings banks and cooperative banks have already integrated the payment service into their own apps, with considerable effort. So it sounds promising that Postbank is now joining in, and offering its customers access to the cross-border payment service. Why they should use it, however, is not so easy to answer. The „step towards a standardised European payment landscape“ that Deutsche Bank's Head of Personal Banking sees in it is not really a good argument.

Paying is irksome, bank customers are sluggish, and the transaction costs are usually borne by the merchant. So why bother with the registration process when there are already functioning alternatives? In Germany, retailers still favour the good old Girocard, aka EC card. Debit or credit cards are generally accepted abroad. Whether the customer has to pull out the plastic card or not is only relevant if he or she has left a wallet in the hotel room. In this case, they can usually still use their mobile phone if they have saved their card via Apple Pay or Google Pay. That they might prefer to use Wero instead when they are travelling in one of the five connected countries is just wishful thinking.

There are also alternatives for those who are reluctant to enter their credit card number when paying for online transactions: prepayment by bank transfer or the PayPal button. The powerhouse from Silicon Valley has also succeeded in tapping into completely new customer groups by expanding its range of services. The ability to collect very small amounts digitally in the private sphere fulfils a real need. This is not only recognised by parents who are currently trying to claim the money they provided when buying the joint gift for the class teacher. Anyone who has downloaded the PayPal app for this purpose and paid off their debt in a matter of seconds will probably also consider this option for their next online purchase. Such a low-threshold offer also convinces less digitally savvy users.

Of course, European Payments Initiative boss Martina Weimert is right when she emphasises real-time processing as Wero's unique selling point. But here, too, it is clear how blurred the interests of the stakeholders are perceived. Instant payment is good for the retailer, who does not have to pay in advance when handing over or despatching the goods. And it fulfils a key requirement of central bankers, who are calling for a modern infrastructure for payment transactions. However, the bank customers that the EPI wants to attract to Wero are unlikely to care much whether the money is debited immediately or the day after tomorrow.

In view of the EPI project's lack of empathy for customers, the reluctance of private commercial banks is understandable. While Commerzbank has not even joined the project, Deutsche Bank is also refraining from the technically demanding complete integration for the time being. In the medium term, it wants to link Wero to its own app via an interface. Whether this actually happens will depend largely on the response from Postbank customers, who were recently given this option.