Germany Gets A Taste For P2P Payments With Cookies App

Peer-to-peer payments, or P2P, may be branching out from the States.

As TechCrunch reported on Tuesday (Aug. 16), marquee names in the space, such as Venmo, work in the U.S. but not elsewhere. Germany is getting a foothold in P2P, however, with a movement away from traditional wire transfers and the like. The transition to P2P is being evidenced, at least in part, by Cookies, a German startup that has launched this week in that country.

The app is free, said TechCrunch, and the Cookies payments do not require a balance, with transfers coming and going directly from bank accounts. The startup, thus far, is able to be used across 4,500 banks in Germany. Fund flows can be completed using a phone or email address. And, said TechCrunch, “every time you send money, [the app] initiates a conversation with friends so that you can send a few messages.” 

Emojis that are featured with the app also have “special powers,” according to TechCrunch. For example, a lightning “paymoji” lets peers send payments with haste. A “normal” payment takes one to three business days, and a super-fast payment can settle over the course of several minutes. There are limits in place, with an allowance of sending €100 per month. That limit may be lifted in the event that Know Your Customer rules are satisfied.

TechCrunch noted that the cookie icon that sits within the app is aimed at becoming a smart personal assistant on a mobile device. The eventual rollout will move to Austria and Switzerland, said the firm.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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