The existing giro system is the real Paypal competitor. Most Europeans had access to Paypal-style money transfers before they had email. Merchants probably want to rely on another party to maintain their integration, but there is no real need for another centralized service similar to Paypal.
(The U.S. really is an outlier among developed nations in that its giro system is not widely used, and many residents would not even know how to access it. Hence Paypal's network effect can offer value there. Europe is very different.)
Wero is actually built to sunset Giro in the EU. Its built on top of Giro as to leverage the well working network but gives more convenience.
I am amazed on how this practical solution can't be implemented for age verification instead of all those ID uploads etc.