Nets and Degussa Bank team up for consumer credit card offering in Germany

By Megha Bhattacharya

European payment service provider Nets has teamed up with Frankfurt-based Degussa Bank in a bid to develop a modern consumer credit card offering in Germany. Nets will provide services to Degussa that include a comprehensive card management solution –Apple Pay and Google Pay integrations, virtual cards and more – all backed by Nets‘ processing services. The agreement also includes German-language contact centre services, providing 24/7 voice support to handle complex enquiries as more customers go digital.

“Since the pandemic, the shift from cash to digital payment solutions has accelerated dramatically,” said Silke-Christina Kummer, Head of Card Business Advisory & Services at Degussa Bank. “Consumers in Germany are increasingly looking for integrated digital services and our new solution with Nets is designed to meet demand for frictionless, digital banking experiences.”

We have an ambitious growth strategy and our goal is to be the digital leader in Germany,” says Jessica Hofmann, Head of Card Operations at Degussa Bank. “In order to execute on the strategy, we required an experienced technology expert with the latest know-how and capabilities. We see Nets as a great innovation partner with high engagement and modern, flexible solutions. Nets has a strong track record in the Nordics, which are highly digitised societies, and we truly feel that they are the best partner to help us create the best possible card product in Germany.”

Recently, Nets Group’s Finnish e-commerce specialist Paytrail announced the completion of the acquisition of Checkout Finland Oy, a payment service provider in Finland. With this acquisition, Nets Group further expands its presence in Finland and strengthens its position within e-commerce – a high-growth area across Europe, further fuelled by the COVID-19 pandemic.

Torsten Hagen Jørgensen, CEO of Issuer and eSecurity Services at Nets, said: “We are excited to join Degussa Bank on its ambitious journey to wider adoption of digital card services in Germany. This is a perfect example of our commitment to provide innovative, best-in-class modular issuing services that enable faster time-to-market and scale. This will enable Degussa to deliver modern, digital payment experiences to customers across Germany.”

“At Nets we have decades of experience of digital payment and processing solutions, formed within the most digitalised part of Europe,” added Jørgensen. “It is our ambition to be a European payments champion and with Degussa Bank as our first issuing customer in Germany, we look forward to driving the digital agenda together.”