Core Insights - PingPong has announced its partnership to support Wero, a new European payment service aimed at enhancing digital payment solutions for businesses in Asia [1][2] - Wero, developed by a consortium of 16 leading European banks and financial institutions, is set to launch in July 2024, targeting the fragmentation of payment systems across Europe [1] - The service allows for instant cross-border payments without the need for lengthy international bank account numbers, significantly improving transaction speed from hours or days to mere seconds [1] Group 1 - Wero will provide businesses with a unified digital payment service, enabling access to 250 million users in Europe [1] - The service aims to reduce cross-border payment costs and improve efficiency by consolidating multiple payment systems into one [2] - Wero's initial application has been in person-to-person (P2P) transactions, showcasing its capability for rapid fund transfers [1] Group 2 - In October, Wero will introduce features for online shopping, in-store payments (POS), and subscription payments for businesses [2] - This integration will allow PingPong's enterprise clients to access multiple European markets without the need for multiple payment system integrations [2] - The service is expected to enhance user experience by providing instant payment solutions, thereby reducing cart abandonment rates and improving conversion [2]

Core Insights - PingPong has announced its partnership with Wero, becoming one of the first Asian payment companies to support businesses using Wero's services, which will launch in October 2023 [1][2] - Wero, developed by the European Payments Initiative (EPI) in collaboration with 16 leading European banks and financial institutions, aims to unify and streamline digital payments across Europe, addressing the fragmented payment landscape [1][2] - The service is expected to significantly enhance cross-border payment efficiency, allowing users to complete transactions in 10 seconds using mobile numbers, email addresses, or QR codes, compared to traditional bank transfers that can take hours or days [1] Market Coverage - Since its launch, Wero has achieved over 75% coverage of active bank account users in key European markets, including Germany, France, and the Benelux region, with a monthly growth rate of 2%-3% [2] - The potential reach of Wero is estimated to exceed 250 million mainstream consumers across Europe, based on the total population of core markets [2] Business Functionality - Wero will introduce features for businesses in October 2023, including online shopping, in-store payments (POS), and subscription payments, allowing PingPong's enterprise clients to access multiple European payment scenarios through a single integration [2] - This integration is expected to significantly reduce cross-border operational costs and improve user experience by providing instant payment solutions, thereby lowering cart abandonment rates and enhancing user conversion [2]