N26 has announced the launch of its Cash26 service, a solution for withdrawing and depositing cash in stores, developed by Viafintech. Cash26 will allow that N26 customers use their app to deposit and withdraw cash at checkouts of the stores of the Bon Preu Group or CSQ Non Stop Shops in Spain and in more than 20,000 stores in 5 European countries: Spain, Germany, Austria, Italy and Greece.
Thus, customers will be able to satisfy their basic banking needs while making purchases, avoiding extra trips in search of an ATM.
To do this, N26 customers must follow three steps in their banking app: choose the amount to withdraw or deposit, Generate a barcode within the N26 app and present it at checkout. The cashier scans the barcode, the selected amount is credited or paid, and the customer receives an instant notification on their bank app.
«The collaboration with N26 in Spain is a big step for us in the European market. We are now working successfully in 5 countries and will continue to expand our presence in Spain and other markets.” Explain Peter BorgesVP Iberia & Latam of Viafintech. “Cash26 offers an alternative payment infrastructure to the traditional ATM and branch cash system and uses technology to meet customer demand for a more convenient, cheaper and digital cash service. It’s like Apple Pay but for cash: simple, mobile and efficient for everyone involved.”Add.
Spain is one of the European countries with the highest rate of use of cash, 83% according to 2020 data from the European Central Bank. Even so, bank branches and ATMs continue to close at a very high rate. Since 2008, 51% of branches and 20% of ATMs have disappeared. These data reveal the need for alternative and more efficient cash solutions.
Martha Echarri, General Director of N26 for Spain and Portugal, explains: “We have always been committed to being a bank that adapts to customer needs and not the other way around. That is why we launched this innovative initiative, which will allow our users to enter and withdraw money in cash as an alternative and additional route to ATMs. As a 100% mobile bank, we want to facilitate the daily management of our customers’ finances, offering a personalized and flexible service that adapts to their lifestyle”.
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