The German digital bank has just announced the launch of a 100% digital N26 standard account, equipped with a virtual card.
Starting today, N26 customers in select European markets have the opportunity to go fully digital when opening a free standard bank account.
Read also: Klarna introduces bank account in Germany
“Banking without a card and without plastic and paper is now possible with N26,” the bank explains.
With mobile payments using Apple Pay and Google Pay increasing by 56 percent year-on-year, it seems a logical step for N26 to further advance the digitization of its banking product.
The challenger bank has offered virtual cards before, but now they work as an option for its most basic standard account.
Customers can instantly add their virtual N26 Mastercard to their mobile wallet and access it in their N26 app to make instant online payments.
“Today, more than ever, digitalization and innovation are fundamental to the future of Europe,” said N26 CEO Valentin Stalf. “We will continue to offer exciting everyday banking features to millions of additional customers who still feel trapped in the offline world.”
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N26 added 2 million customers in 2020 as it looks to expand its subscription services and business banking offering. This still puts the bank behind Revolut with 14 million customers.
N26 increased its revenue from EUR 43 million to almost EUR 100 million in 2019, but losses increased from EUR 70 million to EUR 217 million.
N26 also claims that it consolidated its losses last year and reduced net losses in Europe from €165 million in 2019 to €110 million in 2020. However, N26 has not disclosed its losses outside Europe.
