German neobank N26 is planning to expand into new sectors following a collaboration with financial infrastructure firm Stripe.
According to an announcement Friday (June 3) on Stripe’s website, N26 turned to the company to simplify the account top-up process, which lets consumers add funds to their accounts.
“An essential part of any banking experience is adding funds to your account,” Stripe said.
See also: Affirm, Stripe Team to Bring Adaptive Checkout to US
“The traditional way of topping up an account is a SEPA (Single Euro Payments Area) transfer, which requires both the sender’s bank and the receiver’s bank to be registered as SEPA members. N26 wanted to offer another option, one that was quick, easy, and flexible enough to work with a wide range of funding methods.”
Following Stripe’s input, N26 was able to offer customers multiple payment methods, including credit cards, debit cards and digital wallet top-ups from its app. This means users can easily move money without having to access multiple apps.
“With Stripe’s checkout-flow optimizations in place, new N26 users began topping up their accounts much faster than they had before,” the announcement said. “The ease and speed translated directly into more long-term customers: N26’s customer base has jumped from one million in 2018 to over seven million today.”
Learn more: New Study: Digital Changing How World Shops, Pays and Banks — At Differing Speeds
Recent research by PYMNTS looked at the rise in digital banking and found that 59% of consumers in 11 countries engaged in some version of mobile banking as the availability of mobile banking alternatives to brick-and-mortar banking — along with the widespread availability of smartphones — fuels both adoption and usage.
Our research found that banking has been on the digital transformation path longer than some other sectors studied, especially in developing economies where mobile apps have surpassed physical banking options and drawn more consumers online for more of their banking and banking-like services.
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