Degussa Bank plans new credit card launch with Nets

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Frankfurt-based Degussa Bank is planning to launch a new consumer credit card and has picked Nets to power it.

Degussa Bank operates more than 250 branches in Germany

The vendor is providing a selection of digital card services to Degussa to enhance the customer experience. It is the first partnership of its kind for the Nets in Germany.

These include Apple Pay and Google Pay integrations, virtual cards, processing, and contact centres for customer service.

Silke-Christina Kummer, head of card business advisory and services at Degussa, says the coronavirus pandemic has shifted preferences.

“Consumers in Germany are increasingly looking for integrated digital services. Our new solution with Nets is designed to meet demand for frictionless, digital banking experiences.”

Jessica Hofmann, the bank’s head of card operations, says it aims to be a digital leader in Germany.

“To execute on the strategy, we required an experienced technology expert with the latest know-how and capabilities. We see Nets as a great innovation partner with high engagement and modern, flexible solutions.”

Degussa, founded in 1873, has assets of around €6 billion and operate around 250 branches in its home country.

Reuters reported in 2020 the bank had gone up for sale, as its owners looked to pay fines leveraged on another lender.

The Nets implementation is now pending, with a go-live planned for the first few months of 2022.

“It is our ambition to be a European payments champion and with Degussa Bank as our first issuing customer in Germany, we look forward to driving the digital agenda together,” says Torsten Hagen Jørgensen, Nets CEO.

Related: Gerlionti pick Nets to underpin launch of GerliPay