- ING Germany has tapped Paysafe’s cash arm, viafintech, to offer its users cash deposit and withdrawal services.
- Using ING Germany’s Banking to Go app, customers can deposit and withdrawal cash at more than 12,500 participating brick-and-mortar stores.
- Withdrawals are free, but customers will be charged a 1.5% fee on the total amount they deposit.
Global payments platform Paysafe announced today that its cash arm, viafintech, has partnered with ING Germany. Under the agreement, ING Germany will leverage viafintech for its cash deposit and withdrawal features.
viafintech’s technology will enable ING Germany to offer its nine-plus million customers to access a new feature, ING Cash, in its Banking to Go app. The tool will empower users to make cash deposits or withdrawals from their current account at participating brick-and-mortar retailers.
Here’s how it works: a customer decides how much they want to withdraw or deposit, and the app generates a barcode that they can scan at a participating brick-and-mortar store. Currently, ING Germany has more than 12,500 participating stores in Germany, including Rewe, Penny, Rossmann, and dm drogerie Markt.
Users are not required to make a minimum purchase at the retail locations. And while it is free for them to withdrawal funds, ING Germany charges a 1.5% fee on the total amount they deposit.
viafintech was founded in 2011 and was acquired by Paysafe in 2021. The company’s API offers organizations access to its payment infrastructure that enables cash withdrawals and deposits, bill payments, credit payouts, cashless payment methods, prepaid solutions, and gift cards.
Paysafe is a legacy player in the fintech space, having launched in 1996. The U.K.-based company offers payment processing, digital wallet, and online cash solutions connecting businesses and consumers across 100 payment types in over 40 currencies around the world. Last year, Paysafe processed $120 billion in transactions. The company is publicly listed on the New York Stock Exchange under the ticker PSFE and has a market capitalization of $824 million.