Telefonica Germany (which trades under the name O2) is planning to launch its own mobile banking service using technology from Fidor Bank.

The company will be white-labelling Fidor’s cloud-based infrastructure for P2P money transfers between mobile phones. A launch date in Germany has been provisionally set for late summer 2016.

Under the name O2 banking, the account will come with a MasterCard for cash withdrawals and shopping and a financial planning tool for following overall spend.

Fidor Bank will also be providing Telefonica Germany with a banking licence valid throughout Europe, as well as individual customer, card and transaction services.

This partnership is the first truly disruptive alliance in Germany between a successful digital telecoms company and an innovative digital bank”, says Matthias Kröner, CEO of Fidor Bank.

“Our collaboration gives customers the best of two digital worlds: quick and easy banking services via a mobile app, combined with innovative additional services from their O2 mobile contract.”

Mobile banks are already the fashion in countries like the UK, where institutions like Mondo and Tandem Bank are working on disrupting the market.

By Alex Hamilton

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
imp-loader
preloader