Telefonica-owned O2 says it has become the first mobile operator to launch a mobile-only bank account, which is now available for download by its German customers. The new app service, being run in cooperation with Fidor Bank, also offers transactions via mobile phone numbers and small instant loans.

Depending on their usage of the app, O2 customers will receive an additional data volume of between 100MB and 1GB per month. Those who sign up early will also receive a one-off bonus of 1GB data for opening an account, and an extra 1GB for the first transaction made with their free MasterCard debit card.

Registration and authentication are completed through a video call on the customer’s smartphone, with the MasterCard arriving within a few days. Depending on their usage of the O2 Banking account, customers obtain a gold, silver or bronze status. If customers use their O2 account as their salary account, or if their monthly credit card turnover exceeds €500, they will receive gold status.

Gold status includes unlimited free usage of the MasterCard for cash withdrawals, with no account fees charged. Silver status requires a card turnover of €100 and includes three free cash withdrawals per month. Anyone who posts a turnover of less than €100 will receive the bronze status, which includes one free cash withdrawal per month.

Markus Hass, COO at Telefonica Deutschland, noted: “O2 Banking is setting the standard for the mobile bank account of the future as well as the manner in which people manage their finances in the digital age. We offer unique features, optimal usability as well as full transparency of services and fees.”

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