Germany's REWE Group has announced the launch of paymenttools.com, a payment technology subsidiary to drive its digital business.
Based in Cologne, the company will develop B2B payment platform for the retailer's customers and partners.
With 'paymenttools' REWE Group will be offering a payment platform for digital and stationary grocery shopping and travel, as well as payment from a single source.
The group has been operating its own payment network successfully and profitably for nine years.
"With the establishment of paymenttools, we are now accompanying all stages of the omnichannel customer journey. As the only grocery retailer in Germany, we have a complete ecosystem from ordering through delivery to payment," said Jan Kunath, deputy CEO of REWE Group.
"We inspire our customers and partners with the highest level of convenience and security. From a strategic point of view, paymenttools is an important step with regard to our diversification strategy," added Kunath.
The payment service portfolio will be expanded further in the coming years, the retailer added.
"With almost one billion transactions annually, the REWE Group is already one of the largest girocard network operators in Germany. It is only logical to bundle other payment transactions with us," added Dr Klaus Wirbel, head of finance.
The cooperative REWE Group is one of the leading retail and tourism groups in Germany and Europe.
In 2020, the company's total external sales exceeded €75 billion.
The company, founded in 1927, is present in 21 European countries with more than 380,000 employees.