Germany’s Viafintech Arrives in Spain to Turn Businesses into ‘ATMs’

credit: Photo by Jonas Leupe on Unsplash

Germany’s Viafintech Arrives in Spain to Turn Businesses into ‘ATMs’.

GERMAN company Viafintech lands in Spain with an aim to turn any business into a kind of ‘ATM’.

Through its Viacash service, it will allow users to withdraw or deposit money from their bank account from their mobile phone.

Although the model, already used in several European markets (Germany, Austria or Greece), is not new in Spain, since ING customers can withdraw cash at Dia and El Corte Inglés supermarkets, Shell and Galp gas stations and so on.

Initially, Viafintech will be operational in some 3,000 stores of the Bon Preu and Esclat Group and in prepaid mobile recharge points CSQ Non-Stop Shops. The operation will be available in three or four weeks, according to elEconomista.

The German firm works with ten businesses in Europe, of which two are installed in Spain – digital bank N26 and Targobank, and around 20,000 points of sale.

Viafintech’s objective is to have three business as partners by the end of the year.

According to its director for Spain, Sergio Kvaternik, and the head of the Iberian Peninsula and Latin America, Pedro Borges, users will be able to withdraw or enter up to €300 in the associated establishments, although they calculate the average of these operations will be around €50.

The company maintains that its service reduces financial exclusion in an increasingly digitised world, where access to cash is complicated by the constant closures of bank offices and ATMs.

According to a study by the European Central Bank, Spain leads the use of cash to pay in the EU and 83 per cent of payments in the country in 2019 were made in cash, but entities are closing more branches and automatic machines every day.

In addition, it points out that any chain or business can offer its service to add value to its services and attract more customers, turning its point of sale into an innovative place, where you can carry out several procedures with a single trip.

Viafintech also allows the payment of delayed bills in electricity, gas, telephone, etc. establishments, for which it is already working in Spain to find allies.

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Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at