Digital banking growth has notably accelerated in the past few years, with many new challenger banks emerging in the said sector. The Amsterdam-based digital banking services provider Bunq is also one of them, which has been ramping its services from some time now. The online-only bank has now announced that it will be adding Google Pay as a payment option on its platform for its users in the Netherlands and Portugal.
New and easy payment method addition
With the addition of Google Pay as a payment option, Bunq will become the first digital bank to offer the service. Its users in the Netherlands and Portugal will get to use the new feature, which was previously made available in Italy, Spain, France, Germany, Ireland, Belgium, and the UK. It is worth noting that currently, only Android users will get the option to add Google Pay as a payment option.
Google Pay will enable contactless, NFC-based payments via Android phones in offline or online stores. The payment option creates virtual encrypted cards that are stored on your device in a secure manner and it will be available for all Bunq users, across all plans.
Ali Niknam, CEO and founder of bunq, says: “We’re always challenging the status quo to make life easy for our users, and this is a logical next step. Nowadays, payment needs to be quick, easy, and safe, so I’m very happy that we’re bringing Google Pay to bunqers in the Netherlands and Portugal!”
Digital banking on the rise
A sharp rise in digital banking was observed during COVID and the same trend is likely to continue for some time. The Dutch challenger bank Bunq also moved forward and it previously released a new version of its app that offers enhanced functionality. The startup was founded in 2012 by Ali Niknam, who obtained the first European banking permit in over 35 years. Niknam also invested a whopping €79.9M in the company for making it successful.
The company recently announced that the Bunq community has planted 1 million trees together. This was part of a green initiative undertaken by Bunq. As part of this initiative, the company makes sure a tree is planted for every €100 spent by SuperGreen users. It is done through a partnership with Eden Reforestation Projects. These trees capture 308kg CO2 over their 25-year average life span and are located on a dedicated site in Madagascar.
Bunq’s public launch happened in 2015 and as of July 2020, user deposits have crossed €654,619,033. The company’s services are currently available in 30 European markets including the Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Sweden, the United Kingdom, Norway, Iceland, among others.
Cover Image: Bunq