Otto pushing ahead with platform strategy

21 July 2022
BaFin approves "Otto Payments" to process payments from a single source starting in 2023

Otto GmbH & Co KG's platform strategy is gaining shape after the Federal Financial Supervisory Authority (BaFin) granted "Otto Payments" a licence. Founded in autumn 2020, the company will process all payments from a single source in future. More than 11 million customer accounts are due to be converted to the new system by late 2023. 

Milestone towards platform

"The development of our own payment service provider was a milestone on the way to becoming a platform," said Katy Roewer, Chair of the Advisory Board Otto Payments. The e-commerce company is now aiming to merge its stationary and online retail businesses. Otto and external service providers have had responsibility for the technical integration of the various  payment services hitherto. Otto founded PEG Payment Entwicklungsgesellschaft mbH as a one-stop payment system to drive the transformation to a platform in 2020. More than 4,000 marketplace partners are now connected to otto.de. From 2023, Otto's sales and those of the marketplace will be handled by a separate payment company. Otto Payments will also act as a service provider for other Otto Group companies in the medium term.


Sources and further information

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