boon by Wirecard will be extended by innovative value-added services

Flexible overdrafts, virtual credit cards and peer-2-peer transactions

Jana Tilz
Corporate media inquiries
Jana Tilz

VP Corporate Communications & Branding

Oct 02, 2017

Wirecard, the specialist in digital financial technologies, will expand its own mobile payment app boon with innovative features: From November this year, boon users can not only receive micro credits in real time – all boon iOS users also have the option of using the virtual credit card, which is based on the application, to pay in online shops. A new peer-2-peer transaction function will also be available as a further value-added service.

To date, boon has been purely a payment app, but it is now being turned into a mobile application which combines a variety of payment and banking services. For example, in the future an innovative and intelligent scoring process will make verification of a user’s creditworthiness possible within a matter of seconds in order to immediately provide flexible overdrafts. This means that users can pay at any time with their boon app, since the approved loan amount is added directly to the boon prepaid account. The value-added service will be offered in Spain from November onwards and will be completed in all other countries where boon is available afterwards.

In addition, boon users will conveniently be able to launch and close the online payment function in the app. After the function is launched, the credit card will immediately be ready for use. The credit card number is copied into the app and can be added via the user’s smartphone to the respective online shop in which a payment needs to be made. Using the digital Mastercard incurs no additional fees for the user. So far, this feature is already available for android users.

The new peer-2-peer transaction feature will also be available to all boon users by the beginning of next year, so that boon users can send amounts of money in real-time.

Georg von Waldenfels, Executive Vice President Consumer Solutions at Wirecard: “As previously announced, boon is being continuously expanded with new services in order to make using this mobile payment solution even more appealing to our users. By adding microcredits to boon, we can enable users to conveniently secure financing at short notice to complete a purchase. For us, it is important to provide the microloan without delay and ensure transparency with regard to loan conditions. We are also looking forward to the extended availability of the virtual boon prepaid credit card – users will have even more flexibility and can use boon at the point of sale as well as in e-commerce for payment. Peer-2 peer transactions will round off the offer. With this, boon becomes an all-embracing app in everyday life”

boon is the only fully digitalised mobile payment solution on the European market that is completely independent from any bank. Since 2015, boon has been successfully launched in stages as an android app in Germany, Austria, Spain, Belgium, the Netherlands and Ireland, while another version is also available for use with Apple Pay in the UK, France, Ireland, Switzerland, Italy and Spain.