Cashless payments: a guide to going contactless

As lockdowns continue across the globe, we’ve all been adapting our lifestyles to our “new normal.” And with many having to self-isolate, work remotely and get used to maintaining our relationships with family and friends online, we’ve also had to consider the best ways to manage our finances without stepping a foot outside of the door.

While millions of you have already tapped into the benefits of mobile banking, we’d love to remind you that—thanks to cashless payments—you can adapt your financial habits to the on-going COVID-19 situation even further. Read on to find out which contactless payment options you currently have at your disposal, and how your N26 bank account can provide you with optimal flexibility, increased spending power and greater peace of mind.

Over the past weeks, the current global situation has altered our usual spending habits. With government lockdowns in place, we’re mostly limited to only shopping at supermarkets or chemists, with increasing consciousness of hygiene. And when getting your essentials, you may have noticed that some retailers have stopped accepting cash altogether.

Thankfully, your N26 bank account allows you to go fully cashless already. Faster than digging around in your pocket for coins or banknotes, your N26 card comes with contactless payments enabled. Just make a purchase by placing your card over a payment terminal—a quick beep later, and that’s it!

Of course, as an extra security measure, some restrictions still apply—depending on the country you’re in, you might find that you can only spend up to a certain limit in one-go at the checkout with this method. After all, as contactless payments usually don’t ask for your PIN or a signature, we want to ensure that your account isn’t compromised if your card ends up in the wrong hands.

If you do end up going over this limit though, that’s totally fine—you’ll simply be asked to enter your PIN when paying. So just in case, always learn your number off-by-heart.

These days, there’s really not much that your smartphone can’t do—and when it comes to making day-to-day payments, it’s no different. While contactless card payments are fast and convenient, if you’re looking to reduce your dependency on physical cards altogether, your “mobile wallet” is your best friend.

But, how does it work exactly? Essentially, a mobile wallet securely stores your debit card information on your phone, allowing you to make contactless payments in-person without needing to rummage around for your card at the checkout or while shopping online. All you need to do is add your card to your mobile wallet, open it when paying, and bring your phone closer to the NFC terminal. Zero contact, zero hassle.

We’ve all been there—you’ve ordered a shiny new card, and now you’re sitting there twiddling your thumbs waiting for the mailman to drop it in your mailbox. With N26 however, you don’t have to.

If you’ve just opened an account, upgraded to premium or lost your Mastercard, you can now order a new one, forget the wait and start making payments with it right away. That’s right, even before the physical one even arrives. Just use the mobile payments function mentioned above—it’s easy-to-use, safe and reliable.

To get started, all you have to do is find the digital version of your card under Card Settings in the N26 app, and add it to your mobile wallet. And that’s it, you’re ready to start making payments! It’s just another way that you can go contactless, and continue banking remotely from the comfort of your four-walls without disruption.

Similarly, if you’re stretched for time and need to get money quickly into your account, SEPA Instant Credit Transfers (SEPA) are a swift way to receive incoming emergency funds and urgent payments.

Forget time spent waiting for standard transfers to come through—in just 10 seconds, you can get up to €15,000 from any bank account for free, 24/7 and 365 days a year. Just find your IBAN and bank details under the My Account section in your app, and make sure the sender chooses SEPA Instant when transfering money into your account.

Finally, there’s always MoneyBeam for instantly moving money between you and your friends who also bank with N26. Need to repay your roommate for that outstanding utility bill, or last night’s pizza delivery? MoneyBeam has you covered, providing a free way to send money within the app in seconds.

There’s no need to ask for bank details—you’ll see a list of contacts who you’re able to send to within the N26 app. Just head over to the Actions tab, tap Send Money and choose MoneyBeam to send or request money in a flash.

Transfer up to €1,000 to other N26 users, or €100 to those that don’t yet have a bank account with us. And don’t worry, should you wish to send anything over those limits, it will still be sent—it will just have to be as a standard bank transfer, and might take a day or two longer.

Less waiting time, more security, and the ability to pay friends in the blink of an eye without leaving your house? There are endless benefits to contactless payments. And of course, we’re here to support you and help you work out which contactless option is best for you.

After all, this is just one of the many ways N26 is striving to make the way you manage your finances as convenient and stress-free as possible.