Smart car
Europe Partnerships Paytech

Deutsche Bank to Support Payments For New Smart #1 Car

Deutsche Bank is promising to make direct car sales as ‘convenient, simple and secure as shopping on the internet’ with payments support for the new-look electric Smart #1 car.

The pre-order phase for the new Smart #1, a joint venture between Mercedes-Benz and the Geely Group in China, begins on 18 October 2022. The bank says customers can order the car within six steps with the option of buying or leasing.

In addition to setting up the payment interface for buyers, Deutsche Bank handles incoming payments, management of payment flows, verification of new providers on the platform (such as providers of wallbox home chargers) and transfers to providers throughout Europe. All payments run through the bank’s own systems.

Delivery and sales of Smart #1 kick off in Germany in December 2022. France, Italy and other European countries will follow in 2023.

“Together with Deutsche Bank and our leasing partner, we are making direct car sales as convenient, simple and secure as shopping on the internet,” says Martin Günther, CFO at smart Europe. “On our e-commerce platform, our customers configure their smart, decide whether to buy or lease and, if they wish, for the appropriate financing.”

Deutsche Bank’s motor vision 

Deutsche Bank wants to establish itself as a comprehensive financial service provider for digital marketplaces.

Ole Matthiessen, head of cash management at Deutsche Bank, explains: “Especially in the area of ​​mobility, there is currently an enormous need for innovative payment methods on the part of digital marketplace providers and automobile manufacturers – the potential for banks that offer intelligent processing solutions is correspondingly large.

“Direct sales by automobile manufacturers will continue to gain in importance in the future. Banks ensure quick and uncomplicated payment – ​​across currency borders.”

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