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Deutsche Bank partners with Paysafe to support cash in Germany

Thursday 28 November 2024 09:23 CET | News

Deutsche Bank has partnered with Paysafe to introduce a system enabling cash withdrawals and deposits at 12,500 locations across Germany.

 

The system uses a digitally generated barcode through the bank’s mobile app, and the feature will launch for Postbank customers in November 2024, with Deutsche Bank clients gaining access in the second half of 2025. This initiative comes in the context of a steady decline in ATMs across Germany. Data from GlobalData’s Payment Market Driver Analytics reveals that ATM numbers have dropped from 85,300 to 78,300 over the past five years. 

This reduction, coupled with bank branch closures, has made it increasingly difficult for consumers to access cash. The new service aims to mitigate these challenges by offering an alternative means of accessing cash without requiring physical bank branches.

 

Deutsche Bank has partnered with Paysafe to introduce a system enabling cash withdrawals and deposits at 12,500 locations across Germany.

 

Bridging generational gaps in cash use 

GlobalData’s 2024 Financial Services Consumer Survey highlights that Postbank’s customer base includes a significant proportion of Generation X and older users, which are groups identified as frequent cash users. These demographics rely heavily on cash transactions, making convenient access to deposits and withdrawals a critical factor in maintaining their engagement. 

The integration of this feature within Deutsche Bank’s mobile app is part of a wider effort to support customers who prefer cash while navigating the ongoing digitalisation of banking services. This approach is also seen as a strategy to improve customer retention among older consumers who might feel underserved by digital-only initiatives. 

At the same time, the service’s digital convenience is expected to attract younger, more tech-savvy users, a demographic where Postbank has struggled to gain traction according to Yahoo Finance. GlobalData’s research shows that Postbank has one of the lowest levels of digital engagement among German banks, making this integration an opportunity to boost participation in its online banking ecosystem. 

By leveraging Paysafe’s network, Deutsche Bank and Postbank are positioning themselves as adaptable players in the evolving retail banking landscape. The move could inspire similar innovations across Germany’s financial sector, as banks strive to balance customer needs with emerging digital capabilities.


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Keywords: payments , cash, partnership, mobile banking
Categories: Payments & Commerce
Companies: Deutsche Bank, Paysafe
Countries: Germany
This article is part of category

Payments & Commerce

Deutsche Bank

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Paysafe

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