Dortmunder Volksbank, a German cooperative bank, has launched a contactless mobile payments system that taps Telefonica’s O2Wallet, reports Finextra. Telefonica made a deal in 2012 with DG Verlag, owned by Germany’s cooperative banks, which required them to work together to develop mobile payments. Dortmunder Volksbank will the be the first in the country to use this technology and will be available for customers who are under contract with Telefonica, and have the O2Wallet and a Samsung Galaxy ACE2 or S2 handset with a NFC SIM card. Customers can put virtual credit cards into their O2Wallet and make purchases up to £25 at MasterCard PayPass terminals. A PIN is needed for larger purchases. Depending on the success of this new technology, DG Verlag may consider extending the services to other cooperative banks.
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