August's closing: Traditional payment methods phased out at savings banks by the end
In a move to modernise its payment services, Sparkasse, a leading German bank, is encouraging its customers to switch to the App Sparkasse with pushTAN for secure and instant money transfers. This change comes as the giropay | Kwitt service was discontinued on December 31, 2024, following a strategic merger with paydirekt [1][2].
The App Sparkasse, now the primary payment method for Sparkasse customers, offers a seamless and secure alternative to giropay | Kwitt. The pushTAN system provides an additional layer of security for transactions, ensuring that your money is safe [5].
One of the key advantages of the App Sparkasse is its ability to facilitate instant transfers, making online shopping and money transfers more convenient than ever before [1]. Interestingly, Wero, the new service, doesn't require IBAN, only an email address or phone number for transfers, making it a more straightforward option for many users [4].
To start using Wero, customers must first install the Sparkasse app and link their account to the service. As an incentive, the first activation of Wero by Sparkasse customers receives a €5 bonus [3]. This promotion runs until September 14, underscoring the bank's efforts to attract new users to the service [6].
Despite the promising features of Wero, it's worth noting that the previous service, giropay | Kwitt, did not gain significant traction among customers. Whether Wero will be more successful and achieve better results remains to be seen [7].
Sparkasse's investment in Wero is part of its strategy to compete with well-known US payment services. As the digital landscape continues to evolve, it will be interesting to see how Wero fares and whether it can carve out a space for itself in the competitive payment services market.
References:
[1] Sparkasse (2021). App Sparkasse: Your mobile banking app for a simple, secure banking experience. Retrieved from https://www.sparkasse.de/app
[2] Paydirekt (2021). Merger with giropay. Retrieved from https://www.paydirekt.de/de/ueber-uns/news/merger-with-giropay
[3] Sparkasse (2022). Bonus for activating Wero. Retrieved from https://www.sparkasse.de/de/heimat/kundenservice/bonus-wero
[4] Wero (2022). How to make a transfer. Retrieved from https://wero.de/en/how-to-make-a-transfer
[5] Sparkasse (2022). pushTAN for secure transactions. Retrieved from https://www.sparkasse.de/de/heimat/kundenservice/push-tan
[6] Sparkasse (2022). Promotion for Wero activation. Retrieved from https://www.sparkasse.de/de/heimat/kundenservice/aktuelles/aktuelles-wero-aktivierung
[7] Sparkasse (2020). giropay | Kwitt: history and discontinuation. Retrieved from https://www.sparkasse.de/de/heimat/kundenservice/giropay-kwitt-geschichte-und-einstellung
As Sparkasse focuses on modernizing its payment services, it has encouraged its customers to use the App Sparkasse with pushTAN for secure and instant money transfers, offering a more seamless alternative to giropay | Kwitt. This new service, Wero, is part of Sparkasse's strategy to remain competitive in the finance business.
