Paysafe has partnered with Deutsche Bank AG, Germany’s largest retail bank, to provide private customers with easy access to cash services. Powered by Paysafe’s barcode solution, Paysafecash (marketed in Germany as “viacash”), banking customers in Germany will be able to deposit and withdraw cash seamlessly to and from their bank accounts. This service will be available for private customers first for the Postbank brand in November and is planned to be rolled out to the Deutsche Bank brand in the second half of 2025.
In order to deposit or withdraw a specific amount, customers create a barcode in their banking app using the feature “Bargeld Code” (which translates to “cash code”). The barcode can then be scanned at any of the 12,500 participating retail locations across Germany, enabling customers to access cash services without having to visit a brick-and-mortar bank branch or ATM. Retail locations can be found in the banking app and include well-known brands such as REWE, Penny, DM, Rossman and others.
Read More: Keeping up with AI in Accounting: 5 Crucial Skills to Learn
Bob Legters, SVP Product at Paysafe, added: “We are proud of our collaboration with Deutsche Bank and the technological capabilities to digitalize cash with our Paysafecash solution. This service will allow millions of their customers in Germany to use Paysafe’s wide partner network and seamlessly access cash via their mobile app. It also emphasizes the strategic importance of digital solutions complementing cash services offered by traditional bank branches and ATMs and the ongoing importance of cash for banks and consumers in today’s digital world.”
Thorsten Peppler, COO Personal Banking Germany Deutsche Bank, said: “With Paysafe’s barcode solution, we are expanding our deposit and withdrawal service from bank counters and ATMs to a German-wide network of 12,500 supermarkets and pharmacy locations. This makes Postbank and Deutsche Bank the first banks with a large branch network to offer this additional digital cash service option in Germany.”
Read More: Global Fintech Series Interview with Frank Pagano, Executive Sales Director at VizyPay
[To share your insights with us, please write to psen@itechseries.com ]
