News from the Wire

Wirecard, Orange team to launch Orange Cash Joven for youth in Spain

Monday, November 13, 2017 — 12:03:14 (EST)

Munich, Germany, Nov. 13, 2017 -- Wirecard, the leading specialist for digital financial technology and mobile payment, is now cooperating with one of the world's leading telecommunications operators, Orange, to upgrade the range of functionalities available for Orange's mobile wallet app Orange Cash in Spain. The new feature enables the use of mobile payment for teenagers up to the age of 18 under their parent's supervision. After the successful launch of Orange Cash Jeune in France, the app feature is now also available in Spain.

The total transaction volume of mobile payments in Spain will triple by 2021, according to Statista. Teens especially are increasingly using their smartphones to pay in stores, yet many don't have a bank account or payment card that they can use for that purpose. With Orange Cash Joven, Wirecard and Orange have developed a solution that addresses the needs of the younger generation. The concept is simple: to create an account, parents or legal guardians sign up over the web interface of Orange Cash and install the app on their children's smartphones. Via the web interface, parents can control the sums of money, which can be charged on the account and get a real-time overview of the expenses. The entire financial administration is managed through the parents' Orange Cash account.

"Today, nine out of ten young people in Spain use a mobile device to connect to the internet on the go. No wonder teenagers would rather use their smartphones to shop in stores than use cash. By adding the Orange Cash Joven feature to the app, we have succeeded in addressing a younger target group in the field of mobile payments. With this solution teens are very flexible with their finances anytime and anywhere", says Philippe Laranjeiro, Head of Sales Telecommunication at Wirecard.

Luis Santos, Head of Innovation and New Digital Businesses at Orange, adds: "Looking at younger generations we can see the future of mobile payments. In cooperation with Wirecard we aim to empower the development of digital financial solutions, while reaching out to younger target groups".

The Wirecard Group is responsible for processing all technical and financial processes related to the payment app and the added Orange Cash Joven feature: this includes the development of the Orange Cash Joven app, including the web interface for parents. Furthermore, the issuing and payment processing of the digital prepaid card is powered by Wirecard Card Solutions. In addition, Orange Cash combines contactless mobile payments with real-time loyalty and couponing deals from participating retailers through Wirecard's Card-Linked Offers platform. Since 2015, the mobile payment program has already been successfully operating in France and in Spain.

About Wirecard:

Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit www.wirecard.com or follow us on twitter @wirecard.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.