N26 teams up with SumUp to expand availability of cashless payments

Digital bank N26 has teamed up with SumUp to allow freelancers, the self-employed and entrepreneurs in Ireland and across Europe to accept cashless payments.

The deal will see customers of N26’s Business, N26 Business Smart, N26 Business You and N26 Business Metal accounts have access to SumUp’s mobile point-of-sale devices at a 35 per cent discount.

The device will allow to entrepreneurs to accept card and mobile wallet payments from their customers.

The agreement is intended to lower the barriers to cashless payment acceptance for workers, as cash increasingly falls out of favour in the current pandemic.

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"The fact that businesses can now accept digital payments in various forms has really helped those that needed a vital lifeline throughout the pandemic, and this partnership with another major industry player builds on that. It comes at a time when safety concerns are paramount, with both customers and business owners shifting to cashless payment methods", says Carolin Wies, Partnerships Lead at SumUp .

N26 said its business customers in Ireland have grown by 273 per cent in the past two years, with growth of 70 per cent seen in the period from February 2020 to 2021.

A survey carreid out by the bank in France, Germany, Switzerland and the UK showed a growing desire among small businesses to adapt to a more digital environment. More than a third had introduced additional payment methods such as remote payments, and almost a quarter had started an online shop.