Paysafe's viafintech and Pecunpay to boost cash deposits and withdrawals in Spain

Pecunpay, brand of e-money institution Pecunia Cards EDE, specialises in innovative e-payment and e-money processing systems. The collaboration makes room for fintechs who partner with Pecunpay to leverage its core banking system and licences to offer consumers easier access to cash deposit and withdrawal services at numerous supermarket checkouts across Spain.

The new cash-in/cash-out service is now available through Pecunpay’s integration of viacash, powered by Paysafe. Pecunpay’s fintech partners can access viacash as a white-labelled solution and customise the cash deposit and withdrawal service with their own brand, resulting in a consistent customer journey and experience for the end user.

Pecunpay – Deeply involved in the Spanish payments space

Considering the past partnerships the company signed, Pecunpay has been involved in increasing its presence in Spain. In July 2022, global digital payments processor and card issuer Visa has partnered with Pecunpay to launch Visa Direct locally, which allows customers to send and receive money instantly. According to data from both companies, around 40% of Pecunpay’s users in Spain have used their smartphones to make a payment at least on one occasion, which is why Visa continues to focus on exploring and creating new future payment methods to meet its customers’ needs and facilitate money flows.

Moreover, in December 2021, Pecunpay and UnionPay have signed a partnership that sees Pecunpay become one of the first Spanish issuers in Europe to issue UnionPay cards in Spain. Under the agreement, Pecunpay has been granted a UnionPay International Membership License, allowing the company to issue UnionPay cards in Spain and across the SEPA zone.

Preferred payment methods in Spain

Pecunpay is also the company that issued data in 2021 revealing that Spain is gradually increasing the use and acceptance of mobile payments, while the use of cash is decreasing. This might explain why viafintech and Pecunpay try to accelerate use of cash deposits and withdrawals in the country.

According to research called ‘Study of mobile payment trends in Spain’, carried out in partnership with Visa, mobile payments, though in an incipient way, were on the rise among Spaniards. For instance, 34% of the 2000 people who have taken part in this study say they make payments with their mobile.