N26 has launched Wero for customers in Germany and France, enabling instant transfers using a phone number or email address.

The digital payment service is integrated into the N26 app and allows eligible customers to send and receive money without entering or sharing an IBAN.

Developed by the European Payments Initiative (EPI), Wero runs on SEPA Instant and can transfer funds to a recipient’s bank account in under 10 seconds.

N26 already offers IBAN-free transfers within its own customer base. Wero extends that capability to payments involving people who do not have an N26 account.

The company plans to roll out Wero to more markets in the future.

Daniel Lappas, Chief Product and Business Officer at N26, said,

“Instant payments without an IBAN have been a core N26 feature since our inception.

With Wero, we’re extending this seamless experience to the broader European banking ecosystem, bringing the simplicity N26 customers already know to even more people.”

Featured image: Edited by Fintech News Switzerland, based on image by N26