Deutsche Bank subsidiary Postbank is set to introduce a new service that allows consumers to generate a barcode on their smartphones for cash withdrawals or deposits of up to €1,000 daily at 12,500 retail locations throughout Germany.
Postbank, along with Deutsche Bank, currently provides customers with free cash withdrawals via their ATMs, as well as partnerships with other banks and Shell stations. Dominik Hennen, head of personal banking in Germany at Deutsche Bank, stated, “With the cash code, we are expanding our deposit and withdrawal options beyond bank counters and ATMs to a nationwide network of over 12,000 supermarkets and pharmacies. This allows customers to withdraw significantly higher amounts than previous cashback offers and provides the ability to deposit cash, which is especially important for our business customers.”
The transaction is completed solely through the barcode, which is scanned at the retailer’s checkout. Unlike previous cashback offers, there is no need for a purchase or the presentation of a Girocard, and the amount withdrawn does not need to be specified, addressing customer requests for greater discretion.
Thorsten Peppler, COO of Personal Banking Germany, mentioned, “This new service will be available to most Postbank customers starting in November and will gradually roll out to others, including those with joint accounts. By the second half of 2025, it will also be accessible through the Deutsche Bank mobile app, making Postbank and Deutsche Bank the first banks with an extensive branch network to offer this additional digital cash service in Germany.”