The tie-up will enable ING Germany customers to make cash deposits and withdrawals from their current accounts at participating retailers across the country.
Called ING Cash, the new service is available within the lender’s ‘Banking to Go’ application.
To use the service, customers can select ‘ING Cash’ in the app and enter the amount they want to withdraw or deposit.
This will generate a barcode, which can be scanned at retailers’ stores to deposit or withdraw the amount.
According to the official statement, ING customers are not charged for withdrawals; deposits are charged at a rate of 1.5% of the deposit amount.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Partner stores that support the feature are Rewe, Penny, Rossmann, and dm drogerie Markt.
In addition to providing a quick and easy substitute for conventional ATMs, ‘ING Cash’ also expands the bank’s infrastructure for deposits and withdrawals.
Furthermore, the service improves access to cash, especially in rural areas where it has been significantly reduced as a result of a decline in ATM density.
Paysafe SVP sales and business development Sebastian Seifert said: “We are delighted to be partnering with ING to enable easier and faster banking and access to cash for its customers through our leading cash solution and extensive network of distributors across Germany.”
Last year, Dutch challenger lender bunq turned to Paysafe to facilitate cash deposits for digital banking.