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Deutsche Bank and Paysafe enable cash access at German retailers

Deutsche Bank, in partnership with Paysafe, has announced a new cash access service that will allow customers to deposit and withdraw cash at over 12,500 retail locations across Germany. Aimed at increasing convenience and access to cash, this initiative will serve Postbank customers starting in November, with a rollout to Deutsche Bank’s core brand planned for the latter half of 2025.

  • Marina Mouka
  • October 30, 2024
  • 3 minutes

In a bid to expand cash service access, Deutsche Bank has partnered with Paysafe, enabling private banking customers to deposit and withdraw cash at thousands of retail locations across Germany. This new service, facilitated by Paysafe’s barcode technology “Paysafecash” (rebranded as viacash in Germany), is set to be available at 12,500 locations, including major retailers like REWE, Penny, DM, and Rossmann.

The service is initially launching for Deutsche Bank’s Postbank customers in November, marking an early step in the bank’s strategic shift to broaden access points for cash. The solution will then be extended to Deutsche Bank’s own customers in the second half of 2025.

Thorsten Peppler, COO for Personal Banking Germany at Deutsche Bank, emphasised the scale of this initiative, noting, “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.”

The partnership arrives at a time when Deutsche Bank is undergoing a structural realignment of its branches, reducing smaller locations and increasing resources for digital banking services, including advice via video and telephone, mobile banking tools, and advanced ATMs. Cash withdrawals and deposits via a barcode-based approach bring the flexibility of cash services into everyday shopping, easing the need for consumers to visit physical bank branches or ATMs.

To use the service, customers simply generate a barcode within their banking app through a feature labelled “Bargeld Code” (translated as “cash code”), which is then scanned at a participating retailer to complete the transaction. In effect, the system integrates seamlessly into the mobile banking experience and allows for quick, on-the-go access to cash in a retail environment.

Bob Legters, Senior Vice President of Product at Paysafe, pointed out the relevance of this digital extension to cash access, stating, “This service will allow millions of [Deutsche Bank’s] customers in Germany to use Paysafe’s wide partner network and seamlessly access cash via their mobile app. It also emphasises 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.”

This development also reflects Paysafe’s expanding presence in the cashless and digital payment space. Recently, Paysafe reported second-quarter revenues for 2024 up 9% year-on-year to $440 million, bolstered by strong e-commerce activity and continued success in its eCash division. The company projects annual growth of 7-8% for 2024, supported by ongoing initiatives like this partnership with Deutsche Bank. Globally, Paysafe processes over $140 billion in transactions annually, underscoring its expertise in digital payments and cash alternatives.

For Deutsche Bank, the collaboration underlines the resilience of cash in an increasingly digital economy. As the financial industry evolves, banks are required to balance physical and digital services to meet diverse customer needs. With this partnership, Deutsche Bank and Paysafe have created a hybrid model that broadens access while remaining in step with Germany’s growing inclination towards digital payment services.