German payment technology firm Wirecard has expanded its partnership with ReiseBank to allow bankomo app users to top up their smartphone account with cash at retail outlets without a minimum purchase threshold.
Both partners launched the mobile banking app bankomo on the market last year. Now, they are providing users with a digital banking ecosystem in the form of the bankomo app.
In order to avail the facility, the users need to open an account via video authentication using the app (iOS and Android) or online at bankomo.de.
The account is then linked to a prepaid Mastercard, using which money can be transferred to other bankomo customers (peer-to-peer) account instantly. Additionally, it also supports traditional banking services, such as SEPA transfers and direct debits.
Using the new service, cash can be withdrawn at any of the 300 ReiseBank’s ATMs across Germany.
To pay in or withdraw cash, users need to create a barcode in their bankomo app, which is then scanned at the supermarket checkout to enable the payment or withdrawal.
ReiseBank member of management board member Jörg Hübner said: “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.”