It's basically the better version of iDeal, used heavily in Netherlands. They're slowly changing the iDeal name to Wero. Apparently it's mostly that, change of name coupled with a bigger scope.

You are right, however they are backed by the european payment initiative and the idea is that it becomes an eu wide standard. Whether they will succeed and how fast, we shall see.

I'm not happy this is not an ECB project, but commercial banks are behind. I'm sceptical if this will stay free, and on how our transaction data is used.