A year ago, ING bank in Spain launched a cashbackA service whereby the customer pays electronically a higher amount to a retailer than the value of the purchase for goods and/or services and receives the difference in cash. It is also a reward system associated with credit card usage, whereby the consumer receives a percentage of the amount spent on the credit card. More service via its mobile app Twyp, and it has proven to be a huge success. The app, accessible to both clients and non-clients of the bank, allows consumers to get moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More back from a number of stores such as Dia, Galp, Disa, Shell and tobacco shops when they carry out a purchase – and these services are available at 4,000 locations nationwide.
Although quite common in the US and the UK, cashback is a pure novelty in Spain. During the first year, ING mostly focused on increasing consumer awareness and onboarding new users. Indeed, ING and its partnering points of sale offered a 10% discount to consumers spending up to €300 until the end of the year. The results have been more than positive. Luis Cabanes, Responsible for Pricing at Disa, stated that they have experienced “an increase in the use of this system by 40% year-on-year”.
Because of these positive results, ING has extended the Twyp app to include people-to-people (P2P) money transfers as well bank transfers for both clients and non-clients. Thanks to this new payments and cashMoney in physical form such as banknotes and coins. More withdrawal model, the euroThe name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. More has not only become more accessible to Spanish consumers, but it has been providing store owners a much welcomed sales boost.
The app is free for download and the only constraint is that the user carry out a purchase at one of Twyp’s partnering stores.