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ING Germany partners with Viafintech for new cash service offer

Friday 2 December 2022 12:30 CET | News

ING Germany has announced allowing customers to use "ING Cash" in the Banking to Go app.

 

ING Germany is expanding its offering with a new service for current accounts. From 29 November 2022, "ING Cash" will give customers the opportunity to make deposits and withdrawals on their checking accounts at over 12,000 participating retail partners in Germany.

Retailers include many branches of Rewe, Rossmann, Penny, dm drogerie markt and toom Baumarkt. In cooperation with the Germany-based company viafintech, which forms part of the specialised payment platform Paysafe, customers can withdraw and even deposit cash in retail outlets without making any purchases or using a girocard.

Decrease in cash withdrawals

According to an ING Germany representative, the average number of cash withdrawals has decreased compared to the year before the corona pandemic. In 2019, ING Germany customers used an ATM 3.7 times a month on average. Whereas, in 2022, it was only 2.4 times on average. Nevertheless, the ING Germany representative observes that the banks’ customers value the option of being able to withdraw and deposit cash conveniently when making purchases. With the "ING Cash" service, the bank is offering a suitable and largely free solution.

ING Germany has announced allowing customers to use 'ING Cash' in the Banking to Go app.

“ING Cash” via the Banking to Go app

The sum of cash deposits and withdrawals is limited a maximum of EUR 999.99 within 24 hours. Amounts of EUR 10 to 300 are possible per transaction for payouts. The withdrawals are free of charge for customers of the bank. For deposits, ING Bank users are allowed deposit amounts ranging from EUR 50 to 999.99. For this process, a fee of 1.5% of the deposit amount is due to the bank.

What is needed for this service

All users need to make use of the service is a current account and the Banking to Go app. Users are then able to select the "ING Cash" function and the deposit or withdrawal function directly in the app. After entering the desired amount for withdrawal or deposit, the transaction is authorised in the Banking to Go app.

A barcode is then shown on the smartphone display, which is scanned at the checkout. When withdrawing money, the customer receives the amount directly at the cash register. When depositing, the amount is handed to the cashier. The paid-in or paid-out amount is then immediately registered in the account and a push message is sent to users via the Banking to Go app.


Source: Link


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Keywords: partnership, product launch, product upgrade, cash, banking, mobile banking
Categories: Banking & Fintech
Companies: ING
Countries: Germany
This article is part of category

Banking & Fintech

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ING

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