German banks cleared to start m-payments service

Thursday 13 April 2017 | 14:54 CET | News
Germany's competition regulator has cleared plans by major banks to form a new system for mobile payments. The Bundeskartellamt said it had no objections under competition law to add a new P2P payment feature to the online payment system Paydirekt, which would allow customers to transfer small amounts of money over mobile devices. Paydirekt is a joint venture of leading private banks, German cooperative banks (Volks- und Raiffeisenbanken) and organisations in the savings bank sector. The regulator said the new service could help improve competition in the sector, where market leader PayPal

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Categories: Mobile & Wireless
Countries: Germany
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