German fintech Stocard has partnered with Wirecard for launching a new mobile payment feature in its app as it reaches 50 million users worldwide.
Wirecard, a German payment processor, will be the card-issuing partner of Stocard for the new Mastercard virtual card that will be unveiled on the app.
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Wirecard will use its banking-as-a-service (BaaS) solution to launch this new service across Europe later this year.
In addition, it will also allow Stocard app users to load funds by adding their bank cards to the app.
Wirecard product management EVP Kilian Thalhammer said: “We are excited to be collaborating both on the issuing and acquiring side of the payment flow thereby offering consumers a seamless user experience.
“In the long-term, we hope to work with Stocard as they look to offer additional services such as point-of-sale (POS) lending and top-up payments on a global scale.”
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By GlobalDataStocard said that its app users can use the new mobile wallet solution to make contactless payments in-store and online.
It will enable users to store their loyalty cards, find good deals offered retailers, search and activate coupons, and see their transactions and points balance in real-time.
Last year, the app recorded 1.7 billion purchases from shoppers, spending nearly €40bn ($45.46bn).
Founded in 2011, Stocard is said to be one of the largest B2C startups in Europe in terms of the user base.
Stocard founder and CEO Bjorn Gob said: “As our wallets are moving to our mobile phones, the digital wallet is becoming the central hub in our lives for anything around money, shopping, and banking.
“This consolidation of shopping, payments and financial services in the digital wallet will happen in Europe as well.”
