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Deutsche Bank and Mastercard to deepen cooperation on payments

Reuters
·1-min read
The Deutsche Bank app logo is seen on a smartphone in this illustration

FRANKFURT (Reuters) - Deutsche Bank and Mastercard said on Wednesday they would deepen their collaboration as the German lender aims for a greater share of the payments business.

The partnership will seek to jointly develop digital payment solutions for companies, they said.

McKinsey and Capgemini are projecting growth in digital payments revenues and transactions, and Deutsche Bank hopes that the segment will provide it with additional income as it further cuts costs.

"The coronavirus pandemic has triggered exponential growth in corporates' demand for digital payment solutions," said Ole Matthiessen, Deutsche Bank's global head of cash management.

(Reporting by Tom Sims and Patricia Uhlig; Editing by Riham Alkousaa)