Chances are you’re not happy with your current banking services. So German startup Number26 has been working hard for the past two years to bring a new banking experience to Europe. And now it’s doing it by taking a new approach to bank branches. Instead of filling the gap with the good old banking process, it’s partnering with Barzahlen to turn retail stores into bank branches.
Starting today, citizens who wish to do so can go to 3,000 grocery stores, pharmacies and other retail chains in Germany to withdraw and deposit cash. Withdrawing cash isn't really a big deal, as citizens could use any MasterCard ATM to get cash from their Number26 account. But depositing cash is a new feature for the company.
All users need to do is show up at the cashier with their phone. Through the Number26 App, they search for the new Cash26 feature, enter the amount of cash they want to deposit or withdraw, and scan a barcode. They then need to enter their PIN. Cash deposits appear immediately in their bank account.
This feature is very important, as Number26’s host country has a heavy cash culture – people don’t use checks anymore and can’t use their card everywhere. They could end up with cash they want to put in a bank account and have to make withdrawals all the time.
The process is very simple. Creating an account only takes a few minutes and everything is done over the phone. After this process, citizens receive a MasterCard that works with the Number26 app. For example, users can disable features or set limits so that they are not caught off guard. They can also disable online payments if they do not plan to use their card for their favorite e-commerce sites.
