Commerzbank taps Google for mobile payments in Germany
According to Commerzbank, it is the first major bank in the country to use Google Pay.
“Together with our subsidiary comdirect, we are one of the pioneers in Germany when it comes to mobile payment,” says Michael Mandel, retail banking board member of Commerzbank.
Paying with Google Pay works in a similar way to a contactless payment by credit card or girocard.
The bank says all Mastercard and Visa credit card terminals with a contactless function can be used.
Customers do not need their card PIN when shopping nor do they need to sign a receipt. If the amount is more than €25, only the device lock of the smartphone must be deactivated.
To use Commerzbank’s mobile payment, customers need a credit card, the banking app and an Android smartphone.
equensWorldline, a subsidiary of Worldline, adds that it is supporting Commerzbank with technology based on its mobile payment platform for the launch of Google Pay.
equensWorldline’s platform combines both Mastercard’s and Visa’s tokenisation services with the card management and authorisation system.
And now for something completely different
As reported yesterday (25 June), Commerzbank was one of the financial institutions involved in a pilot test for improved issuing of warrants using blockchain.
Meanwhile, last month, PayPal and Google Pay took the next steps on the path to eternal love by deepening their payments relationship.