German banks prep mobile payments system for 2018

9. November 2017.

The German Savings Banks Finance Group announced this week it will launch a mobile payment product in 2018, according to a press release.

S-Payment, a subsidiary of the Deutscher Sparkassen Verlag group, developed the mobile payment product for the group.

Ten issuing Savings Banks launched a pilot for the system last month. The Savings Banks will test the functionality, operations and user-experience of the end-to-end mobile payment product, according to the release.

In the nationwide commercial phase, girocard mobile (girocard is the most used payment card in Germany) and other schemes will be supported. G+D Mobile Security supports the mobile payment project by providing token aggregation as a managed service and the mobile wallet, according to the release.

The pilot program will enable selected banks’ personnel to make mobile payments with MasterCard credit products. The program started on September 11 and is planned to run for two months. G+D Mobile Security connects the Savings Banks with the MasterCard tokenization services MDES (Mastercard Digital Enablement Service) and enables the related token aggregation service, according to the release.

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