Approval in record time
Eschborn, 25 July 2016. Payment services provider Concardis received its accreditation as an electronic money (e-money) institution from the Federal Financial Supervisory Authority (BaFin) in a record time of only four months. Concardis is therefore continuing to expand its capabilities as a financial services provider. The Eschborn-based company is now able to realise products that are based on storing monetary amounts on electronic carrier media. This capability is necessary for prepaid cards, wallet solutions and discerning loyalty programmes, for example. In Germany, a mere handful of companies have been issued the proper licence from BaFin required for this.
‘The payment market has gained significant momentum. There is a constant stream of new solutions entering the market that spur on business at the point of sale, both online as well as in brick-and-mortar shops. In this environment, it is important to offer new services at the POS to customers from the retail and service sectors,’ says Marcus W. Mosen, CEO of Concardis, explaining the reasons why his company applied for the accreditation, which it has since received.
‘Mobile payment is on its way to bringing the smartphone to the point of sale. The payment function is therefore embedded in all of the user’s lifestyle apps. This is an enormous opportunity for innovative retailers and service providers to become a part of these lifestyle apps with new services.’ With its newly acquired e-money licence, Concardis is creating new room to explore for its customers and expects that large retailers in particular will use the e-money function for the development of attractive added-value services at the point of sale.
Concardis is already helping the first company to develop a reloadable customer card which can be used based on your personal account balance. A product like this can be used, for example, for tax-free benefits in kind for meal provisions and other similar purposes.