German startup N26 is transforming 6,000 stores into bank branches, where customers can withdraw and deposit money.
As financial services come up with ways to provide online customers with offline convenience, we’re seeing startups enable customers to pay for online transactions at their local 7-Eleven. Now German startup N26 is transforming 6,000 stores into bank branches, where customers can withdraw and deposit money.
We covered N26 in 2014, when they began taking the hassle out of physical banking by moving inconvenient tasks — such as creating an account or cancelling a lost card — online. Now, through a partnership with Barzahlen, it has launched Cash26. To use, N26 customers visit one of the participating stores and launch the app. Next, they specify whether they want to withdraw or deposit cash and how much. The app will then automatically generate a code, which the customer presents at the checkout register. The cashier scans the code, the customer enters their pin and the transaction is processed immediately.