Wirecard's boon underway to Becoming a Challenger Bank

Wirecard's boon underway to Becoming a Challenger Bank

FACTS

  • The German FinTech Wirecard seesbig for their boon app. This once payments-focused service will soon be enabling access to a wider range of banking services.
  • New features for boon:
    • Opening a payment account,
    • PFM,
    • Money transfer,
    • Contactless payments using a smartphone or companion MasterCard card.
  • This new offer called boon Planet would be scheduled to launch next October, following a pilot phase in Germany.
  • Later on, boon will be including insurance options (for products purchased through boon) as well as customer loyalty solutions.

BOON

  • Roughly 100 pilot testers for the new offer
  • 6 countries covered: Germany, Austria, the Netherlands, Spain, Ireland and the UK

CHALLENGES

  • Turning boon into a neo-bank. In the end of 2017, Wirecard started making changes to boon with the addition of more features such as micro-credit offers. Their recent announcement is consistent with a long-running strategy.
  • Betting on an all-inclusive service. boon stands out through its ease of use when it comes to making payments, it allows for card and credit transfer-based payments and account recharging processes. They still intend to become a universal player interfacing with all banks on the market.

MARKET PERSPECTIVE

  • Wirecard already enjoys a banking status through their German subsidiary Wirecard bank. As they enhance their range of offers for boon, they also work on building a new European challenger bank, since boon has been made available in several countries.

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