Money Jar will offer a cash lodgement service through Payzone at 3,000 locations across the country, becoming the first digital challenger bank in Ireland to do so, although it will charge €5 per lodgement.
Customers will be able to deposit up to €300 per day into their digital current account with Irish IBAN, and the company has said it is committed to developing further services amid heightened competition for customers with Ulster Bank and KBC Bank Ireland's imminent exits.
Revolut, which recently hit 2m customers in Ireland, and N26 do not offer cash lodgement services, while An Post, which is rolling out spending analytics and money management tool with open banking capabilities, does through the post office office network.
John Harkin, executive chairman of Money Jar said: “Cash is still an important element in our economy; recognising this, we’ve partnered with Payzone to give our customers a quick and convenient way to deposit cash into their Money Jar accounts.
"This further enhances Money Jar’s offer and gives our customers access to the largest cash lodgement service in the country. Digital current accounts are the future for efficient money management but allowing cash lodgement is the most convenient way to cut out the middleman.
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"This new partnership with Payzone is in line with our mission of making digital banking in Ireland easy, accessible, and secure.”
Jim Deignan, CEO at Payzone, added that with Money Jar it would "continue to be at the forefront in enabling the movement of cash into the digital economy and supporting the growing consumer adoption of digital current accounts.
“We are delighted that two Irish technology service providers can collaborate to provide a service that no other digital current account can.”
The Payzone deal is Money Jar's latest partnership following agreements with Mastercard, Apple Pay, Google Pay, Veriff and EML. Money Jar holds all customer funds with a Tier 1 state owned Irish bank, which is regulated by the Central Bank of Ireland.
(Pic: Money Jar)
