Swiss fintechs wallee and Sonect are pooling their expertise to revolutionize cash withdrawals.
Sonect and wallee are pooling their expertise and launching a new service. The joint solution aims to close a cash supply gap caused by dwindling ATMs and thus revolutionize cash withdrawals in the retail sector.
wallee is a provider for payment processing via the cloud on all channels, including via modern card terminals at the so-called point-of-sale. Sonect, a Zurich-based start-up, already enables cash withdrawals at more than 2,300 locations in Switzerland with its digital solution - and it's easy to do via the TWINT app. With the new partnership, this option is now also being rolled out to android-based wallee terminals. This means that in the future, all merchants who rely on payment processing with wallee will be able to become a cash point practically at the click of a button and offer their customers additional added value with cash withdrawals. Merchants benefit from the service, which supports them in their cash logistics. Sonect's partner stores hold less cash in their tills on average thanks to the cash withdrawal option, and the cash cycle is optimized.
This means that virtually any physical store with a card terminal can also become a cash point, significantly increasing the number of places where the Swiss can withdraw cash. This is of great importance in view of the fact that the number of ATMs has been dwindling for years. The combination of wallee, Sonect, and TWINT continues to provide broad access to cash for the general public.
As Christian Baumann, CPO of Wallee Group AG, explains, consumers simply need to select the "Withdraw cash" function in the TWINT app, determine the amount, go to a store with a wallee terminal listed on the interactive card, and they can take the desired amount of money at the cash register.
The advantages for businesses with one or more locations, such as hair salons, bakeries, kiosks, or retail stores, are obvious. They achieve additional awareness among new customer groups, offer added value for all existing customers, receive a fee per withdrawal, and also reduce cash on hand at the cash register. The only requirement is that the merchants have an android-based terminal from wallee.
The largest ATM network in Switzerland
"With 2,300 Sonect locations to date, we are already the largest cash withdrawal network in Switzerland and will be expanding this at a rapid pace in the coming months with wallee," reports Sandipan Chakraborty, co-founder and board member of Sonect AG. The overarching goal is to create a seamless transaction landscape where every store cash register transforms into an ATM, providing a higher level of convenience and functionality for users and store owners. Sonect also works directly with various financial institutions and supports them in supplying cash to their customers.
The network grows
For Steivan Pitsch (COO, Sonect AG), the partnership between the two start-ups represents a further step in the Swiss market: "wallee is another important strategic partner that, like Valora and Volg, makes it possible to offer our service in a large number of stores."
Christian Baumann (CPO, Wallee Group AG) provides an insight into the changing landscape: "The many advantages of electronic and mobile payment methods are leading to a noticeable decline in the need for cash and thus to fewer ATMs. Nevertheless, a gap is already emerging at present between the faster dwindling ATMs and the need for cash. Our collaboration with Sonect and TWINT bridges this gap and provides a thoughtful solution for consumers and businesses alike."
Proof of Concept" (POC) should lead the way
A POC has now been launched in the first phase. In a test phase lasting around three months, findings on acceptance in stores and among users, as well as feedback on the technical details and in support, are to be collected in order to create a solid basis for the full integration of the Sonect solution into the wallee platform by. Interested retailers can already contact wallee.
wallee is a modern platform for payment processing based on an intelligent cloud solution across all channels: In e-commerce, in stores and mobile with the wallee terminals or via vending machines. With wallee, all payment flows flow together on one platform and can be easily managed and integrated into your own systems. The possibilities of the wallee omnichannel cloud solution in combination with app-enabled terminals of the latest generation offer numerous advantages, especially in retail. www.wallee.com
Sonect is a fintech startup headquartered in Zurich. It was founded in 2016 and employs over 30 people in Zurich, Vilnius and Mexico City. With Sonect, every store cash register becomes an ATM. With the Sonect solution in TWINT, cash can be withdrawn easily, largely independent of infrastructure and therefore cost-effectively. More than 2,300 locations offer cash withdrawals with Sonect. This makes Sonect the largest cash withdrawal network in Switzerland. Sonect is active in various countries in Europe as well as overseas. The startup was named the 2019 Digital Economy Award's "Next Global Hot Thing." www.sonect.ch
