Contactless payments and savings

comdirect is one of the first banks in Germany to issue Visa cards with the payWave function which allows contactless payments (see box). With its Visa cards, comdirect is not only speeding up the payment process, but also helping customers to save at the same time. If a customer decides to use the innovative savings function for their change, every payment they make with the card is rounded up to the next euro. The rounding amount is then credited to the customer’s call money account. And because saving is supposed to be rewarding, comdirect doubles the amount saved at the end of the first three months. After that there is a bonus of 10% on the accumulated savings. One convenient security feature is the SMS info service, which sends the customer a text message every time the credit card is used for purchases of over €200 or if a border was crossed between two purchases.

Security has also been enhanced for comdirect’s girocard. Since November 2011, customers have been issued with bank cards featuring the V-PAY function which only works via the chip integrated in the card. This prevents fraudsters from copying customer data from the magnetic strip and using this to access accounts.

Faster online shopping with giropay

comdirect introduced the giropay system in 2012 to make shopping online even easier and safer as well. In the participating e-shops, customers making a purchase simply input their comdirect bank sort code in the designated field and are then securely redirected to comdirect’s website. Here they enter their access code and PIN to open a money transfer mask which already contains all the information required for their online purchase, thereby excluding typing errors and transposed numbers. When a customer pays by giropay, the merchant receives a payment guarantee in return and can despatch the goods immediately and at no risk without any knowledge of the customer’s bank details.

The fact that comdirect is not only a performance broker but also a leading performance bank is demonstrated, for example, by the high level of customer satisfaction among our current account customers which is continually rising. Of these customers, nearly two thirds use comdirect exclusively or as their main bank. According to the current customer loyalty survey, 86% of these customers would recommend comdirect to a friend. Is it possible to improve on such a high percentage? With initiatives planned for its account and card in 2013, comdirect aims to do just that.

Wave and pay: the comdirect Visa card

Put your card in the machine, enter your pin, wait ...: cashless payments are convenient but often cause lengthy queues at the supermarket checkout. In future this could all be simpler and easier. In July 2012, comdirect became one of the first banks in Germany to issue customers with Visa cards featuring the payWave function. Customers no longer need to insert their card into the terminal when paying, and instead just hold it briefly in front of the reader and the amount is debited from their account within seconds. For payments under €25, customers in Germany do not need to input their PIN or sign their name either.

This fast payment system is equally as secure as the old one. Using near field communication technology, the card is equipped with the highest possible encryption standard currently available and only works when held directly over the reader. This means you can’t make a payment by accident. At the moment, the comdirect Visa card with payWave can be used at over 390,000 terminals in Europe, with this figure set to increase in the future.