Paysafe’s viafintech partners with comdirect to offer expanded cash payment services

By Joy Dumasia

viafintech part of the specialised payments platform, Paysafe, announced a new partnership with comdirect, a German direct bank and Commerzbank AG brand. The collaboration enables comdirect customers to make cash deposits and withdrawals to and from their current account using Barzahlen/viacash, powered by Paysafe. 

To use the service, comdirect customers select the cash feature in their mobile banking app and choose the exact amount they want to deposit or withdraw. This generates a unique barcode for the transaction, which is scanned at the point-of-sale terminal at one of viafintech’s 12,500+ acceptance points across Germany, such as Rewe, dm, Penny or Rossmann. Customers will then receive the amount or pay for the deposit in cash. No minimum purchase is required at the store. 

Cash remains a popular means of payment in Germany. According to Paysafe’s recent Lost in Transaction study, 74% of Germans said they would be worried if they could no longer access cash, and consumer advocates are lobbying for new legislation to guarantee the continued acceptance of cash by retailers. 

Alena Kretzberg, Divisional Director, Digital Banking and comdirect, at Commerzbank AG, commented: “We are committed to adding new innovations which digitalise our services for the benefit of our customers. Our new integration of viacash is an excellent example of how we are expanding and enhancing our services to provide our customers with increased convenience and choice.” 

“Cash management is often a challenge for customers of neobanks,” says Sebastian Seifert, Co-Founder and Managing Director of viafintech at Paysafe. “Certain occupations receive at least part of their wages, such as tips, in cash. Others often find it easier to keep track of their spending with cash. For both customer groups, cash deposits and withdrawals are essential, and we are pleased to partner with comdirect to offer its customers a convenient solution through the integration of Barzahlen/viacash.” 

IBS Intelligence reported that viafintech, part of the payments platform Paysafe, announced a new partnership with Spanish food retail group Grupo IFA. The two companies will provide consumers with easier access to cash services by enabling cash withdrawals and deposits at grocery stores across Spain.