Paysafe and Deutsche Bank partnership for cash management. Worldpay will provide instant refunds.
The current week has been active for fintech with several interesting news we are going to discuss today. Firstly, German Deutsche Bank has signed an agreement with payment system Paysafe to expand its network of cash withdrawal points in Germany.
In recent years, many branches of German banks have permanently closed, and ATMs that were serviced by these branches as well. Despite the high digitization of nation and complete transition to cashless payments, many clients are still not ready to fully abandon cash. Those are mainly the elderly, who are used to keeping money in hands and do not trust online accounts. As it turned out, this is a fairly large category of clients for German banks, which they are not willing to lose. In this regard, Paysafe will provide its QR code generation technology in the bank's app, allowing users to withdraw cash at a pick-up point. Thanks to this, 12,500 locations will be added for cash withdrawal across Germany.
Meanwhile, another payment system, Worldpay, is improving payment experience for a large number of payers. The company is introducing instant payment refunds for purchases to help merchants avoid negativity in this regard and return funds to customers quickly.
Although this innovation sounds literally revolutionary, promising to turn two-week refunds into instant ones, it can be viewed from different angles. For example, we are sure that fraudsters will not miss such an opportunity, and the amount of fraud will skyrocket. Therefore, merchants should prepare for this in advance and address their weak points.
But the positive side will undoubtedly prevail. And for low-quality services, new risks will emerge. The segment of low-priced goods or low-quality online services will likely feel a strong influx of refunds. Previously, clients who had an unpleasant experience could forget about it and not bother with requesting a refund, as the procedure was complex and lengthy. Now that it is very simple, the quality of services will have to be improved, as will overall customer satisfaction.
Fintech is taking steps towards users and raising the bar that merchants now need to strive for. More news and useful content about the payment industry can be found on the Monoup website!
