Wirecard Winning Ground with More Banking Services

FACTS

  • The German FinTech Wirecard recently added a current account and a set of all-inclusive offers to their platform for banking services, boon Planet.
  • Goal: attract more customers and achieve further control of the payment chain starting early next year.
  • Until recently, Wirecard’s mobile app enabled its users to make payments via their smartphone or smartwatch, from an existing bank account. They now feature current accounts, earning customers a 0.75% interest rate.
  • It would take just five minutes to open a digital current account and the deposited amounts are guaranteed. Customers will also be sent a Mastercard card.
  • Other features will be added later this year:
    • Smart savings plans,
    • Real-time insurance,
    • Digital customer loyalty-related features,
    • Mobility solutions.
  • This payment specialist intends for their offer to be rolled out in France in 2020. Room has already been made for this service on their French website.

CHALLENGES

  • Withstanding competition. The German savings market has been facing difficulties and boon Planet stands out as an alternative solution for securing deposits in this country. Nearly 200 German banks impose negative rates on their customers, sometimes even from the 1st euro. Wirecard’s rate defies competition and might contribute to making their offer successful.
  • Acquiring more customers. They implemented attractive interest rates hoping that they might help them increase their customer base. This FinTech further focuses on an existing goal: helping their users manage their everyday financial life. To this end, more launches have been announced (mobility, loyalty, credit, etc.).
  • They are also looking to expand their geographical reach, stressing their intent to launch boon Planet in other regions, beyond Europe.

MARKET PERSPECTIVE

  • Wirecard has been granted a conventional banking licence in 2005. Less than a month ago, they unveiled boon Planet a platform for financial services. boon has been available in France (as a payment solution) since 2017. Wirecard said they were interested in including banking offers ever since this service was launched.
  • They want to build a new European challenger bank but will have to face competition from N26, for instance. As this mobile app isn’t unlike the other apps, additional offers are set to make the difference.

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