Paysafe’s (NYSE: PSFE) cash arm – viafintech – has started a new partnership with Germany’s third-largest bank by number of customers, ING Germany.
From today, more than nine million ING customers “can make cash deposits or withdrawals from their current account at participating retailers across the country.” The new cash feature, known as ‘ING Cash’ (locally known as ING Bargeld), is “available within ING’s ‘Banking to Go’ app.”
In order to use the service, the customer “selects ‘ING Cash’ in the app and chooses the amount they want to deposit or withdraw.”
This generates a barcode that “can be scanned at one of more than 12,500 partner stores in Germany and the amount can be deposited or withdrawn instantly.” The partner store network reportedly “includes Rewe, Penny, Rossmann and dm drogerie Markt, among others, and no minimum purchase is required.”
‘ING Cash’ offers “a simple and convenient alternative to traditional ATMs and expands the bank’s existing deposit and withdrawal infrastructure.”
It improves access to cash, “particularly in rural areas where this has been greatly reduced due to a decreasing number of ATMs.”
Sebastian Seifert, SVP sales and business development at Paysafe, 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.”
As covered, Paysafe claims it is a leading payments platform. Its core purpose is “to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions.”
With over 20 years of online payment experience, an annualised transactional volume of US $120 billion in 2021, and approximately 3,500 employees located in 10+ global locations, Paysafe connects businesses and consumers “across 100 payment types in over 40 currencies around the world.”
Delivered through an integrated platform, Paysafe solutions are “geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.”
As mentioned in the announcement, viafintech connects retailers, corporations and consumers through its platform to deliver digital financial and value-added services.
The powerful viafintech API “connects businesses with more than 20,000 retail partner stores in Europe such as REWE, Rossmann, PENNY, Carrefour Italy and dm, ensuring a smooth and fully automated interaction between all stakeholders.”
The unique viafintech payment infrastructure “enables various services such as cash withdrawals and deposits, bill payments, credit payouts, cashless payment methods, prepaid solutions such as gift cards and many more. viafintech is known for its brands Barzahlen/viacash in Germany and Austria and viacash in Switzerland, Italy, Greece and Spain.”
The company was “founded in Germany in 2011 and is managed by Achim Bönsch, Sebastian Seifert and Andreas Veller.”
In November 2021 viafintech “became part of the Paysafe Group.”