Last year, the two companies launched bankomo, a mobile banking app. Recently, Wirecard expanded services offered by giving users the opportunity to add cash to their accounts at retail businesses with no minimum purchase requirements. The move is in efforts to increase the appeal of digital banking.
In the expanded service offerings, users can also withdraw cash from retail locations. Both withdrawal and topping-up at retail locations can be simply carried out by users, who create a barcode within the bankomo app that is then scanned in the checkout process, activating the transaction. Cash payments can be made in around 9,000 locations across Germany, including Rewe, Penny, and Real. The service will be available at Rossmann starting April 2018.
Jörg Hübner, who is a management board member at ReisBank, says that with bankomo’s service offerings, the company is giving its customers, “the ability to easily make withdrawals from or to pay money into their account across the country. This clearly allows our international target group to be much more flexible when it comes to managing their finances.”
Cash can be withdrawn at any of ReisBank’s 300 locations.
The bankomo app has the greatest benefits to users that are highly mobile, and an account can be set up and managed in minutes using video authentication or going online to the app’s website. The account supports traditional banking services—SEPA transfers, standing orders, direct debit—and includes a prepaid MasterCard, which gives users the opportunity to transfer funds to one another.
Julian Weste, Wirecard’s vice president of fintech and financial institution, remarks that, “[t]hanks to our expanded partnership, ReiseBank can offer its customers increased value-added immediately. State-of-the-art banking solutions such as bankomo show how international apps can be expanded with useful value-added services. This is making digital banking even more appealing.”
Wirecard innovates on the digitisation of payments and has 16 years of market experience. It currently has more than 25,000 clients all of which who take advantage of cutting edge technology, support developing offline, online, or mobile international payment strategies, and real time, transparent reporting services. Additionally, the company offers end-to-end infrastructures for parties interested in issuing their own payment solutions in the form of card or mobile payments.