German smartphone-focused banking startup Number26 has collaborated with Barzahlen.de to allow cash withdrawals and deposits at 3,000 grocery stores, drugstores and other retail chains throughout Germany.
The new feature, known as Cash26, will allow banking at checkout registers via barcodes directly on a smartphone.
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To use the feature, customers need to use their smartphone to choose the amount they intend to deposit or withdraw, scan a barcode, and then enter their PIN code, following which cash deposits will immediately appear in their bank account.
In addition, the app will also feature partner shops in the surrounding area directly on a map.
Number26 founder and CEO Valentin Stalf said: "We are turning smartphones into the very centre of banking and are rendering the traditional bank branch redundant."
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By GlobalData
