Postbank, a subsidiary of Deutsche Bank, is set to introduce a new barcode-based cash withdrawal and deposit service in Germany. The service will enable customers to withdraw or deposit up to €1,000 per day at over 12,500 retail locations, including supermarkets and pharmacies, without the need for a purchase or presentation of a Girocard.
Expanding Cash Access Beyond ATMs
Currently, Postbank and Deutsche Bank provide free nationwide cash withdrawals through their ATMs, partnerships with other banks, and collaborations with Shell stations. This new service adds to their existing offerings, providing customers a more private and convenient way to access funds.
According to Dominik Hennen, Deutsche Bank’s Head of Personal Banking in Germany, “With the cash code, we’re extending our deposit and withdrawal service from traditional bank counters and ATMs to a vast network of retailers. This service is designed to meet the demand for higher cash withdrawal limits and offers more discretion in transactions.”
How It Works
The process is simple: a customer generates a barcode on their phone through the Postbank app, which is then scanned at the retailer checkout for seamless cash access. The service will initially be available to Postbank customers in November, with plans to roll out to Deutsche Bank’s mobile app users by the second half of 2025.
Thorsten Peppler, COO of Personal Banking Germany, states, “This service will be accessible to most Postbank customers and gradually extended to others, including joint account holders. With this, Deutsche Bank and Postbank are pioneering this convenient cash service across Germany.”