Online processing company to close next year

Deutsche Telekom has announced its intention to shut down its online processing subsidiary ClickandBuy at the end of April 2016.

Customers are being advised to clear their accounts before this date. Telekom said it was closing the business due to intense market competition.

A Telekom spokesperson confirmed that 80 jobs at ClickandBuy would be lost, but declined to give information about customer numbers or payment volumes.

Deutsche Telekom took over London-based ClickandBuy in 2010.