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Mastercard launches debit card for retirement savings in Germany

By rolling out the debit Mastercard, Vantik will ease pension saving

Mastercard card

Mastercard launches debit card for retirement savings in Germany. Source: mastercard.com

Berlin-based fintech Vantik and Mastercard have announced a partnership to launch a debit card that will simplify retirement savings.

The two have joined hands with Vodeno, a banking service platform to catapult the debit card. And now, a free Mastercard debit card will be issued to users in Germany from April 2021. Customers who wish to be among the first to get the Vantikcard can join the waitlist. Upon purchase, users will get a 1% cashback.

This will be invested in a functional and reputable retirement fund. Users can also connect the debit card to supported bank accounts. Customers can also use the card on Apple Pay and Google Pay.

The platform is expected to ease financial services for merchants, financial institutions including banks and lenders.

Despite the awareness that they absolutely have to do more for retirement provision in their private lives, people are not yet acting. State programs like the Riester pension are far too complex, too bureaucratic and too inflexible for today's requirements. With the introduction of the Vantikcard, we are making it easy to get started with old-age provision and also show that old-age provision also works without operating instructions
Til Klein, founder of Vantik

We’ve reported that the tool which measures the value of financial wellness introduced.

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