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2020 Event News

German DCB provider InternetQ granted permission to operate as a payment institution

internetq

Mobile payment and performance marketing provider InternetQ is one of the first German providers of carrier billing solutions to receive permission from the German Federal Financial Supervisory Authority (BaFin) to provide payment services.

As a regulated payment institution, the permit allows InternetQ GmbH to offer even more comprehensive services related to payment transactions from a single source. For example, non-digital goods such as electricity, ride share offers or licensed sports betting and casino services can also be settled via InternetQ GmbH.

On October 10, 2023, the German Federal Financial Supervisory Authority (BaFin) granted InternetQ GmbH, a company of the international Minimob Group, permission to provide payment services in accordance with the German Payment Services Supervision Act (ZAG). The ZAG transposed the regulatory provisions of the Payment Service Directive (PSD) into German law.

For the payment method “Simply pay by cell phone” in particular, this means that many more business models can be connected to those already known to date.

Marco Priewe, Managing Director of InternetQ GmbH, comments: “We are proud and pleased to be able to settle physical goods as well as other non-digital products such as charging current for electric vehicles or other mobility services with the BaFin approval. We will also be able to settle transactions over EUR 50 in the future. As a further target group, we are also focusing on the regulated sports betting and iGaming market. The focus here is exclusively on providers that have a corresponding gambling license in Germany. For this target group in particular, we will offer a cross-network KYC match in addition to the classic carrier payment for mobile customers, which allows iGaming operators to perform a secure identity check on users as part of the payment process. We see enormous growth potential here. This makes us one of the pioneers in the German market.”

As a provider of mobile payment solutions under the Kanzaroo brand and performance marketing under the Minimob brand, InternetQ GmbH has mobile billing agreements with numerous mobile operators in around 30 European countries. The Kanzaroo payment system is available in 32 languages and combines the most important micropayment solutions such as premium SMS, web billing and pay by call in one product. This is used, for example, to sell in- game items in free-to-play games.