Digital savings banks now offer Apple Pay and Google Pay options: traditional savings institutions embracing digital credit methods
In a strategic move to revolutionise the financial services market, S-Kreditpartner, one of the leading consumer credit banks in Germany, has partnered with Nexi, one of Europe's largest PayTech providers. This collaboration aims to bring more innovations into the Sparkassen world, create added value, and help achieve the next level of digitalization.
At the heart of this partnership is FlexiGeld, a hybrid financial product that can be used both as a payment method and as a flexible credit framework. Customers can now use FlexiGeld immediately after approval for contactless payment via smartphone and smartwatch or through the corresponding app. FlexiGeld will be digitally provided via Instant Issuing processes, compatible with Apple Pay and Google Pay.
The expansion of FlexiGeld by S-Kreditpartner involves several key features that enhance the product's capabilities and user experience. One such feature is Instant Issuing, which allows users to start using their FlexiGeld right away, without needing to wait for a physical card to be mailed.
Another feature is the integration with Apple Pay and Google Pay, popular mobile payment systems that allow users to make payments using their smartphones. This integration offers users a seamless and secure way to make mobile payments, eliminating the need to carry physical cards and reducing the risk of card information being compromised.
Tokenization, a security process where sensitive data is replaced with non-sensitive tokens, is another crucial component of the enhanced FlexiGeld. By employing tokenization, S-Kreditpartner can ensure that mobile payments made with FlexiGeld are secure, providing users with peace of mind.
Stephanie Zerball, the Head of Card Business at S-Kreditpartner, and M. Edoardo Baumgartner, the Head of Key Account Manager Germany at Nexi, are leading this ambitious project. S-Kreditpartner, a driver of digital credit solutions in the German banking market, works closely with Sparkassen, and the partnership with Nexi is a significant step towards establishing innovative payment solutions within the Sparkassen-Finanzgruppe.
FlexiGeld, developed in close cooperation with Nexi and available through German Sparkassen since 2023, uses tokenization for transactions, replacing sensitive card data with encrypted digital equivalents ("tokens") for increased security. This tokenization aims to make mobile payments more secure and faster, enhancing the overall user experience.
The partnership between S-Kreditpartner and Nexi demonstrates the potential of collaboration between technology-based companies and is a testament to the ongoing digital transformation in the financial services industry. With these innovative features, FlexiGeld is set to become an attractive option for customers seeking a secure, convenient, and flexible financial solution.
The finance business of S-Kreditpartner, in collaboration with Nexi, is utilizing technology to revolutionize the Sparkassen world, creating added value by featuring Instant Issuing, Apple Pay and Google Pay integration, and tokenization in the hybrid financial product FlexiGeld.
This strategic partnership between S-Kreditpartner, a leader in consumer credit banks in Germany, and Nexi, one of Europe's largest PayTech providers, is a significant step towards enhancing digitalization and innovation in the financial services market.
