Telefonica Germany has teamed up with German lender Fidor Bank to unveil its new mobile banking service, named 02 Banking.
The collaboration will allow Telefonica to leverage Fidor’s cloud-based infrastructure for its O2 bank account.
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The bank will also offer 02 a banking licence that will be valid across Europe, individual customer, card and transaction services.
The mobile service, due to launch in mid-2016, will sign up customers using a video link for documentation checks through smartphone. It will also enable P2P account transfers using the phone number of the recipient.
Users of the mobile account will also receive a O2 MasterCard, along with a financial planning tool that will help them keep a track on spending. The app will also users direct access to smaller consumer loans.
Fidor Bank CEO Matthias Kröner said: "This partnership is the first truly disruptive alliance in Germany between a successful digital telecoms company and an innovative digital bank. Our collaboration gives customers the best of two digital worlds: quick and easy banking services via a mobile app, combined with innovative additional services from their O2 mobile contract."
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By GlobalDataThe account comes with a 02 MasterCard for cash withdrawals and shopping, and a financial planning tool to provide an overview of spending.
