German mobile operator launches banking app
(28 July 2016 – Germany) German-based telecommunications company, Telefonica Germany has launched a mobile banking service using white-label technology supplied by Fidor Bank.
The O2 Banking app is now available to download for free on iOS and Android devices, offering onboarding via video link, transactions via a phone number, a free debit MasterCard and "minor" instant loans.
Telefonica says that the service is the first mobile-only bank account from a mobile network operator. The firm has enlisted the expertise of local digital bank Fidor, which is providing cloud-based infrastructure as well as a banking licence that is valid throughout Europe, along with individual customer, card and transaction services.
Markus Haas, COO, Telefónica Deutschland, says: "O2 Banking is setting the standard for the mobile bank account of the future as well as the manner in which people manage their finances in the digital age. This is not only thanks to our concept of ‘Megabytes not meagre interest'. We also offer unique features, optimal usability as well as full transparency of services and fees."
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