Paysafe Partners with Deutsche Bank to Strengthen Its Cash Services for Postbank Customers in Germany

October 29, 2024 at 10:01 AM EDT

Paysafe (NYSE: PSFE) has partnered with Deutsche Bank AG, Germany’s largest retail bank, to provide private customers with easy access to cash services. Powered by Paysafe’s barcode solution, Paysafecash (marketed in Germany as “viacash”), banking customers in Germany will be able to deposit and withdraw cash seamlessly to and from their bank accounts. This service will be available for private customers first for the Postbank brand in November and is planned to be rolled out to the Deutsche Bank brand in the second half of 2025.

In order to deposit or withdraw a specific amount, customers create a barcode in their banking app using the feature “Bargeld Code” (which translates to “cash code”). The barcode can then be scanned at any of the 12,500 participating retail locations across Germany, enabling customers to access cash services without having to visit a brick-and-mortar bank branch or ATM. Retail locations can be found in the banking app and include well-known brands such as REWE, Penny, DM, Rossman and others.

Bob Legters, SVP Product at Paysafe, added: “We are proud of our collaboration with Deutsche Bank and the technological capabilities to digitalize cash with our Paysafecash solution. This service will allow millions of their customers in Germany to use Paysafe’s wide partner network and seamlessly access cash via their mobile app. It also emphasizes the strategic importance of digital solutions complementing cash services offered by traditional bank branches and ATMs and the ongoing importance of cash for banks and consumers in today’s digital world.”

Thorsten Peppler, COO Personal Banking Germany Deutsche Bank, said: “With Paysafe’s barcode solution, we are expanding our deposit and withdrawal service from bank counters and ATMs to a German-wide network of 12,500 supermarkets and pharmacy locations. This makes Postbank and Deutsche Bank the first banks with a large branch network to offer this additional digital cash service option in Germany."

About Paysafe

Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 25 years of online payment experience, an annualized transactional volume of $140 billion in 2023, and approximately 3,200 employees located in 12+ countries, Paysafe connects businesses and consumers across 260 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.