Telefonica Deutschland has launched O2 Banking to draw new customers by offering free phone data in exchange for more online transactions

In order to better serve the online banking patterns of millennials, Telefonica Deutschland is introducing O2 Banking as an extension of their mobile banking offerings in Germany. In the program, the more often customers use their MasterCard card associated with their bank account, the more free wireless data they’ll receive. Once users install the app, they can easily use a variety of features that include:

A financial planning tool that gives customers an overview of their spending, The ability to request small loans Phone contacts-based money transfers Easy credit card activation or deactivation directly from the app And a variety of other perks

Telefonica’s mobile app will be the first mobile banking service from a phone carrier. “We are turning your smartphone into a fully-fledged bank account with revolutionary functionality and unique user-friendliness,” said Markus Haas, COO of Telefónica Deutschland. “In doing so, O2 inspires existing as well as new circles of customers and profits from the massive growth of the mobile banking market.”

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