Mobile banking is one of the most convenient ways to bank today. You can deposit checks, transfer funds, and even pay bills all from your mobile device. And now, with digital-only banks, you can do all of your banking without ever having to step foot inside a brick-and-mortar bank. How can debit rewards add value?
Digital-only banks are financial institutions that operate entirely online. That means there are no physical branches or ATMs. Instead, all of your banking is done through a mobile app or website.
One of the biggest advantages of a digital-only bank is that it’s available 24/7. Whether you need to check your balance at 3 am or transfer funds on a Sunday afternoon, you can do it all from your mobile device. Plus, since there are no physical locations, digital-only banks often have lower fees than traditional banks.
Challenger Bank N26 offers Debit Rewards
N26 is a successful digital-only bank with a simple, elegant, and free banking app that has amassed 3.5 million customers in Europe. It launched a similar solution this year in the U.S. through their banking partner, Axos Bank.
N26 is starting small, with a fee-free checking account and debit card. It recently announced the addition of debit rewards to entice customers to spend more with their N26 card:
Some of the newly announced perks will be available for a limited time only, as told by the company via a statement.
“These new Perks enable our customers to receive benefits and discounts when booking travel, trying new experiences and products, or simply using the products they love every day. This is just one way we aim to help make our customers’ money work for them,” Nicolas Kopp, CEO of N26 Inc commented.
N26 offers various services to empower its customers such as receiving a salary up to two days in advance, offering Spaces i.e. sub-accounts that allow users to organize and achieve their financial goals. Users can also make free cash withdrawals and get two free out-of-network ATM withdrawals per month nationwide.
N26 GmbH is a mobile banking platform that was founded in 2013. It is focused on reinventing the banking experience for a digital lifestyle. Since the initial product launch in 2015, it has reached more than 3.5 million customers in 25 markets in Europe. It has raised more than $670 million from various investors across the globe
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group
