ING Germany Partners With Paysafe to Strengthen Its Consumer Offering

Rhea-AI Summary

Paysafe's cash arm, viafintech, has partnered with Germany's third-largest bank, ING Germany, allowing over nine million customers to make cash deposits and withdrawals via the 'ING Cash' service. This service can be accessed through the 'Banking to Go' app and used at more than 12,500 partner stores, including Rewe and Penny. ING customers can withdraw cash free of charge, while deposits incur a 1.5% fee. This partnership aims to improve cash access, particularly in rural areas, enhancing banking convenience.

Positive

• Partnership with ING Germany expands customer reach to over nine million.
• ING Cash service allows deposits and withdrawals at over 12,500 retailers.
• Withdrawal transactions are free for ING customers, enhancing user experience.

Negative

• Deposits incur a 1.5% fee, which may deter some customers.

The third largest bank in Germany to use Paysafe’s cash service for cash deposits and withdrawals

LONDON--(BUSINESS WIRE)-- 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a barcode that can be scanned at one of more than 12,500 partner stores in Germany and the amount can be deposited or withdrawn instantly.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 includes Rewe, Penny, Rossmann and dm drogerie Markt, among others, and no minimum purchase is required¹.

‘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.

“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,” said Sebastian Seifert, SVP sales and business development at Paysafe.

#ENDS#

¹Withdrawals are free of charge for ING customers; deposits are charged at 1.5% of the deposit amount.

About Paysafe
Paysafe (NYSE:PSFE) (PSFE.WS) 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. Further information is available at www.paysafe.com.

About viafintech
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221214005493/en/

Media contact

Ulrike Czekay, PR and Marketing Director at viafintech

Tel.: +49 30 346 46 16 28 / media@viafintech.com

Source: Paysafe

FAQ

What is the new service launched by Paysafe and ING Germany?

The new service is called 'ING Cash', allowing customers to make cash deposits and withdrawals through the Banking app at partner retailers.

How many customers can access ING Cash service?

Over nine million customers of ING Germany can access the ING Cash service.

What are the fees associated with the ING Cash service?

Withdrawals are free for ING customers, while deposits incur a 1.5% fee.

How many partner stores are involved in the ING Cash service?

The service is available at more than 12,500 partner stores across Germany.

What impact does the partnership have on cash access in rural areas?

The partnership improves cash access, particularly in rural areas where ATM availability has decreased.