viafintech and N26 Launch CASH26 in Spain, a Service for Digital Banking
After announcing the collaboration with Bon Preu Group and CSQ Non-Stop Shops in January, viafintech now confirms N26 as its first digital banking partner in Spain. Thanks to this partnership, N26 launches CASH26, a service developed by viafintech, which allows the digital bank’s customers to deposit and withdraw cash at in-store checkouts with their N26 banking app. CASH26 is now available in more than 20,000 stores in 5 countries in Europe: Spain, Germany, Austria, Italy, and Greece. N26 customers can use the Bon Preu Group stores or CSQ Non-Stop Shops available nationwide to make deposits or withdrawals using a barcode. They just follow 3 simple steps in their banking app: choosing the amount to withdraw or deposit, generating the barcode within the N26 app, and presenting it to the cashier. The cashier scans the barcode, the selected amount is credited or paid, and the customers receive instant notification in their banking app.
“The collaboration with N26 in Spain is a big step for us in the European market. We are now successfully working in 5 countries and will continue to expand our presence in Spain and other markets,” explains Pedro Borges, VP Iberia & Latam at viafintech. “CASH26 offers an alternative payment infrastructure to the traditional ATM and branch cash system and leverages technology to meet customer demand for more convenient, cheaper, and digital cash service. It’s like Apple Pay but for cash: simple, mobile, and efficient for all stakeholders,” he adds.
Thanks to the agreement between viafintech and N26, customers can satisfy their basic banking needs while shopping, thus avoiding, especially during the pandemic, extra trips in search of an ATM. Spain is one of the European countries with the highest cash usage rate, 83% according to 2020 data from the European Central Bank. Nevertheless, 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 highlight the need for alternative and more efficient cash solutions.
Marta Echarri, General Manager of Spain and Portugal at N26, states: “We have always been committed to being a bank that adapts to customer needs and not the other way around. That’s why we launched this innovative initiative, which will allow our users to deposit and withdraw cash as an alternative and additional way 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”.