Deutsche Bank handles payments for the new Smart model
Frankfurt For Deutsche Bank it is an important respectable success in a still young business field: The institute is to process the payment processes for the new Smart model “Smart #1” in Europe, the pre-order phase of which is now beginning. The bank and Smart Europe confirmed this on request. The cooperation is Deutsche Bank’s first visible success in the highly competitive market for e-commerce payments.
The institute discovered the business of payment processing in online trading with a great delay. Most classic online retailers already work with specialized payment providers such as Adyen. The bank had therefore primarily tried to win large companies as customers who are just starting out in direct sales of their products – and are therefore not yet doing business with one of the specialized payment providers.
“Many companies are creating new sales channels,” said Deutsche Bank’s corporate customer boss, David Lynne, to the Handelsblatt. “In the future, companies will sell more directly online instead of through wholesalers. And that requires good payment solutions.” Lynne’s predecessor Hoops discovered the business area for the bank two years ago and hired numerous payment experts, including Kilian Thalhammer, the expert responsible for merchant solutions, i.e. for e-commerce payments.
Smart is now an example of this: the car brand no longer belongs solely to the automobile group Daimler, but was brought into a joint venture between Daimler and the Chinese manufacturer Geely. Smart needed a new sales model because it no longer wanted to rely on the sales infrastructure of the Daimler Group – and decided in favor of direct sales. In this way, they also want to get to know their own customers directly, said a spokesman for Smart Europe.
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The Smart #1 is also available from car dealers. But technically, purchases from stationary retailers are also processed via the e-commerce platform, whose payments will be processed by Deutsche Bank. The institute will take over the payments for Smart sales in ten European countries and in the three currencies euro, Swiss franc and pound.
In addition to the new Smart, a fully electric SUV, Smart also wants to sell accessories such as wallbox home chargers on its e-commerce platform. Deutsche Bank will also process the payments for such third-party products on the platform. Direct transfers, manual bank transfers and credit cards should be possible as payment methods.
Deutsche Bank is confident that this market will continue to grow. “Direct sales by automobile manufacturers will continue to gain in importance in the future,” says Ole Matthiessen, Head of Cash Management at Deutsche Bank. Especially in the area of mobility, there is an enormous need for “innovative” payment methods on the part of the digital marketplace providers and automobile manufacturers. “The potential for banks is correspondingly large,” says Matthiesen.
More: Deutsche Bank wants to stand up to payment groups in e-commerce.