Wirecard seeks edge with combined banking app - Mobile World Live

Wirecard seeks edge with combined banking app

30 OCT 2019

Germany-based fintech player Wirecard shrugged off recent allegations regarding its accounting practices with the commercial launch of a payment app designed to centralise users’ entire portfolio of financial services.

The company’s boon Planet covers services and functions including opening bank accounts, real-time money transfers and contactless payments using a smartphone. Wirecard proclaimed it a first, because “users no longer have to leave the app to manage their everyday finances”.

Wirecard made the move to commercial service following a pilot phase commenced in June. It is initially available for owners of Android devices in Germany, with iOS users set to follow “soon”, before deployments in other countries.

Claudia Kaub, head of consumer solutions, said the company would “progressively expand our ecosystem and add new relevant services”. The company cited insurance, mobility and digital loyalty features as features in the pipeline, with plans to also add functionality around overdrafts and savings plans.

Wirecard said users could open a “fully comprehensive digital bank account” in five minutes, conduct payments across the Eurozone and gain access to a physical Mastercard. Also forthcoming will be loyalty schemes including digital bonus points for every payment made via the app.

The company recently faced accusations it misled lead auditor Ernst & Young and attempted to report inflated earnings for operations in Dubai and Republic of Ireland.

Wirecard said the claims by Financial Times were “total nonsense”.

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Michael Carroll

Michael doesn’t want to admit that he has been a journalist and editor for close to 20 years covering a diverse set of subjects including shipping and shipbuilding, fixed and mobile telecoms, and motorcycling...More

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