Santander has teamed up with Prosegur Cash to launch an in-store digital cash management service in Spain that puts the notes and coins merchants accept straight into their bank accounts.
The Cash Today service is designed to guarantee the cash merchants collect is held in a secure device and contractually insured.
It mirrors the benefits of card payments so clients can have the cash the device confirms immediately in their Santander bank account. Users can also track all transactions on their Cash Today device in real time online.
Prosegur Cash collects the cash and provides change and also has a dedicated call centre for the service to solve customer queries and incidents.
The partners say they are targeting supermarkets, logistics, restaurants, service stations, pharmacies, tobacco shops and other businesses.
Vicente Pantoja, head, cash solutions, Santander España, says: "Our proposition helps businesses efficiently manage the cash they take in, and offers a digital solution that enables instant transfer, greater security and less time and effort, while enhancing payments at outlets in more underserved areas."