Cash Fintech Sonect Forms Migros Bank Partnership
Sonect has achieved yet another milestone. A new partnership with Migros Bank means around 800,000 clients can now withdraw cash straight from their bank accounts using Sonect.
This new partnership represents a significant step for Sonect in the domestic market, paving the way for further expansion in Switzerland to complement the company’s growth on the international stage.
It has also seen Migros Bank add a further 2,300 locations to its cash withdrawal network, taking the total to over 4,000. Using an app, Migros Bank clients can now withdraw cash at the cash register, including in stores that are not part of the Migros Group. The amount withdrawn is debited directly from the client’s Migros Bank account. Clients can withdraw cash in k kiosk branches, Volg stores, Agrola petrol stations and at many other stores that are also offering this service at their cash registers.
This partnership underscores the benefits of the Sonect platform, which aims to create a win-win situation for banks, shops and customers by leveraging a crowd sourced cash infrastructure. In just a very short time, Migros Bank has been able to expand its network of cash withdrawal points by 50%.
A cost-effective and practical alternative
Sonect will remain free for Migros Bank clients until the end of April 2020. From 1 May 2020, based on the services being used, a fee of CHF 0.99 per transaction will be charged to the client. However, Sonect will still be a significantly cheaper option than using an ATM at another bank and make it considerably easier for clients to access their money with a large network of convenient locations. ATMs at other banks charge a fee of CHF 2 per withdrawal.
“We are proud to have added such a prestigious name as Migros Bank to our platform. We are convinced that the addition of this service will create real added value for our new customers.”
Sandipan Chakraborty, CEO and founder of Sonect