Wirecard Sees Insuring In-Store Purchases as ‘Innovative’ Feature for Boon Payments App, but Will It Help App Stand Out in the Crowd?

Dec 19 2016

NFC Times Exclusive Insight – Germany-based white-label payments software and prepaid payments services provider Wirecard hopes to make its mobile payments app boon more attractive to German users by giving them the option of insuring their in-store purchases.

Wirecard has contracted with Germany-based Credit Life International to offer the value-added service, which it hasn’t yet launched. Wirecard told NFC Times it is still planning details and discussing “different ways of implementation,” according to a Wirecard spokeswoman. She declined to reveal how the insurance option would be presented or how much it would cost users.

While insuring small purchases is a nonstarter, Wirecard sees the service as “attractive” and “innovative” for larger purchases, perhaps as a way to increase usage of the payments service or strengthen loyalty and to help it stand out in an increasingly crowded digital payments market. Wirecard declined to share the number of boon users, but if the download numbers on Google Play are anything to go by, it is relatively small.

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