Wirecard, the digital financial technology specialist, is expanding its collaboration with ReiseBank, the market leader in the field of travel money in Germany. The partners launched the mobile banking app bankomo on the market in 2017. Now, they are adding to this by enabling users to top up their smartphone account with cash at retail businesses, without a minimum purchase requirement.
Wirecard and ReiseBank are providing users with a completely digital banking ecosystem in the form of the bankomo app. People with high mobility stand to benefit. The account can be opened and managed within just a few minutes via video authentication using the intuitive app (iOS and Android). It is linked to a prepaid Mastercard which enables money to be transferred to other bankomo customers (peer-to-peer) within seconds and also supports traditional banking services, such as SEPA transfers and direct debits, as well as standing orders. Furthermore, cash can be withdrawn at any of the 300 ReiseBank cashpoints across Germany.
By expanding cash payments and withdrawals, Wirecard is leveraging its position as ReiseBank’s technology partner to make digital banking even more appealing. A partner network of around 9,000 branches across Germany is available for cash payments. This includes Rewe, Penny and Real among others, with Rossmann also recently joining. To pay in or withdraw cash, users can simply create a barcode in their bankomo app, which is then scanned at the supermarket checkout to enable the payment or withdrawal.
Julian Weste, Vice President FinTech & Financial Institution at Wirecard, commented: “Thanks 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.”
Jörg Hübner, Management Board member at ReiseBank, added: “With the new services offered by bankomo, we are giving our customers what they want: 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.”
