ING provides its cashback service to the fintech TOPII
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ING has announced the universalization of its cashback service, which allows the withdrawal of cash in businesses without commissions, with the aim of becoming a market standard. For this, the service will be managed by the fintech TOPII, which, thanks to its specialized knowledge, will expand the network with the incorporation of new financial entities, businesses and services.
The orange bank, a pioneer in the introduction of cashback in Spain, has been innovating with this service for more than six years. After reaching sufficient size and scalability (more than 250,000 customers have used it and it reaches a satisfaction score of 8 out of 10), ING takes this step so that its network can be made available to all financial institutions and businesses, and become in a comfortable and commission-free solution to the current problem of access to cash.
The ING store cash withdrawal network is the largest in Spain. It has more than 30,000 associated points, including Supercor, Hipercor and El Corte Inglés supermarkets, Shell, Disa and Galp gas stations, DIA group stores and supermarkets, more than 3,000 tobacconists managed by Logista and ONCE points of sale. In addition, it has an important geographical capillarity with a presence in more than 10% of towns with less than 1,000 inhabitants, in 50% of between 1,000 and 5,000, in 80% of between 5,000 and 10,000 and in more than 90% of towns with 10,000 inhabitants and up.
ING has announced the universalization of its cashback service to TOPII, which allows cash withdrawal in stores without commissions
Given the reduction in ATMs and the problems in certain areas (1 out of 2 municipalities does not have a cash access point), the need for a simple solution with no fees to withdraw cash is becoming increasingly evident. Currently, the more than 2.7 million ING PAYROLL Account customers can withdraw money at network stores by selecting the amount they wish to withdraw when making a purchase on the orange bank’s mobile application.
TOPII assumes the reins of the service with the aim of growing the network of affiliated financial institutions and businesses to expand the customer base and generalize its use in Spain. The company’s vocation is for customers to enjoy an experience of maximum simplicity and ease of use of payment services, cash withdrawal, discounts such as the current 4% in Galp and Shell, and other new services that will soon be available in the “TOPII Stores” network. The goal is to increase the number of supermarkets, gas stations, tobacconists, lotteries, and other types of stores, to ensure that all these services are available throughout the country and for all citizens. In other countries TOPII is also developing new innovative payment solutions, such as its Remittances solution for LATAM.
For Almudena Román, general director of banking for individuals at ING: “our cashback network is highly appreciated by our customers and now we hand over the baton to TOPII so that it can be made available to the entire market. We believe that it is a milestone for the financial sector because, with this decision, the network will expand exponentially, while all interested financial institutions will be able to offer the service to their customers on their mobile applications and make their lives easier. At ING, we maintain our commitment to serving our customers and we know that, in a scenario like the current one, we have the responsibility to hand over the network to the population as a whole”.
For his part, Javier Celaya, Executive President of TOPII, highlights: “I am convinced that the service will grow soon with more banks and businesses participating, since improving accessibility and security in access to cash is becoming a social priority that It has an easy solution with the collaboration of all. In fact, withdrawing money in trade is already a common practice in most countries of the world. Furthermore, the objective of the TOPII project is to ensure that many other businesses, in addition to Galp and Shell, offer discounts to make the use of the solution even more attractive.