Greece’s OTE enters fintech | products and services
OTE Group has entered the fintech space with the launch of a new app for smartphone-based payments and transfers, branded payzy by COSMOTE.
The offer, part of a wider digitally-led diversification program by the Greek operator, is described as a “easy to use, comprehensive“service covering customer’s”daily payment and transaction needs“.
Those who register receive an IBAN account and digital and/or physical debit card, and can use (Android and iOS) app to make bill payments and purchases, send and request money via a Chat and pay feature, share restaurant bills with friends and receive “real money” rewards for app use.
To promote payzyOTE offers subscribers “unlimited” mobile data for one month when they sign up.
Michael Tsamaz, Chairman and CEO of OTE, described the service’s release as a strategic “next big step” for the operator.
OTE has not yet revealed the technology partners it works with payzyeither within or outside parent Deutsche Telekom.
Thinking out of the box
payzy is the most important product to come out of Cosmote Payments so far, a subsidiary quietly created by OTE back in 2018, which has secured an e-money license from the Bank of Greece (Deutsche Telekomwatch#75 and #106).
It’s not only a new direction for the Greek operator, but also, apparently, for Deutsche Telekom – which hasn’t been as active as some of its telecom competitors in pursuing growth in fintech (the exception being T-Mobile US’s digital banking debut T-Mobile MONEY in 2019, and a tie-up in late 2021 between Magyar Telekom and UK digital money app provider Revolut, as part of DT’s tie-up with SoftBank — Deutsche Telekomwatch#97, #116, and passim).
OTE’s management has long tried to increase the top line by rolling out new services in “adjacent markets” to telecoms, has also since 2018 launched Cosmopolitan insurancea vehicle insurance comparison site, and BOXa food delivery platform (Deutsche Telekomwatch#75, #115, and passim).
At OTE Group, we are constantly adapting to the new realities of the digital age. An important part of our strategy is to enter new markets and, with the power of technology, deliver integrated solutions to our customers. Our vision is to transform OTE Group into a digital service provider that offers both telecommunications and top connectivity to our customers, together with modern technology solutions. “
Tsamaz.
