The partnership is strategical, and the aim is to come up with better solutions for the customer, faster. ING has already invested in 10 of the 65 fintechs. Also, the bank has developed in-house a payments app called Twyp, which enables customers in Spain and the Netherlands to transfer money via their mobile phone – even to customers of other banks.
The bank’s next step is to enable Spanish customers to collect cash with their mobile in 3,500 places such as supermarkets and gas stations. This action accounts for 35 million customers. “We’re a mobile platform that 35 million people carry in their pockets. This means we have two billion potential contacts with them every year. The traffic is there, and customers trust us. Now we want to become the platform of choice, where people do more than banking”, chief innovation officer Ignacio Julia Vilar revealed at Money 20/20.
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