Mobile-only bank goes live in Germany

Telefonica Deutschland
PHONE ALONE: German consumers can now use new mobile-only bank O2 Banking

Mobile network operator Telefónica Deutschland has launched a mobile-only bank in partnership with Fidor Bank in Germany. The service will allow peer-to-peer (P2P) transactions to be made using mobile phone numbers and will come with a Mastercard debit card for in-store and ATM transactions.

“O2 Banking offers transactions via mobile phone number, minor instant loans, extensive security features and more,” the carrier says. “Depending on their usage of O2 Banking, O2 customers receive an additional data volume of 500 megabytes (MB) per month — and temporarily even of up to 1 gigabyte (GB).

“In addition, early birds also receive a one-off bonus of 1GB for opening an account as well as for their first transaction with their free debit Mastercard.

“Registration and authentication are effected quickly and easily via video call on the customer’s smartphone. The account will be activated immediately after authentication has been successful and, within a few days, the new O2 Banking customer will receive their free Mastercard.”

Free usage

“If customers use O2 Banking as their salary account, or if their monthly credit card turnover exceeds €500, they receive the gold status,” Telefónica Deutschland continues. “This includes unlimited free usage of the Mastercard for cash withdrawals from ATMs, with no account fees charged. In order to reach the silver status, a card turnover of only €100 (US$110) per month is required.

“Again, this includes a free account and three free cash withdrawals from ATMs per month. For each additional withdrawal, fees as specified in the pricing list will be charged. Customers who book a turnover of less than €100 on their Mastercard will receive the bronze status.

“This includes one free cash withdrawal per month. In addition, for the O2 Banking account in the bronze status, a monthly fee of 99 cents is charged. The current status is determined by the previous month. Within the first three months after registration, the account, as well as every cash withdrawal, is free of charge. O2 Banking is available for everyone — whether O2 customers or other.”

A German language video gives an overview of the service:

The mobile network operator announced its plans to launch the mobile-only bank in partnership with Fidor Bank in May this year.

Next: Visit the NFCW Expo to find new suppliers and solutions