Paysafe’s viafintech partners with Grupo IFA to provide cash services in Spain

By Joy Dumasia

viafintech, part of the payments platform Paysafe, announces a new partnership with Spanish food retail group, Grupo IFA. The two companies will provide consumers with easier access to cash services by enabling cash withdrawals and deposits at grocery stores across Spain. 

Through the partnership, viafintech’s barcode deposit and withdrawal solution, viacash, will be available across a number of the group’s member stores, including Grupo MAS, Condis and GADISA and additional Grupo IFA members will follow in the future. 

Grupo IFA is the largest food retail group in Spain in terms of square meters, with an aggregated market share of 19.7%. viacash allows customers to create a barcode within their banking app and scan it at the checkout of participating stores to deposit or withdraw cash. 

With access to cash proving to be a challenge in Spain due to the widespread closures of ATMs and bank branches over the last decade, the partnership is set to strengthen viafintech’s Spanish retail network and support financial inclusion in the country. 

Pedro Borges, VP France, Iberia & Latin America at viafintech, commented: “Grupo IFA and its members Grupo MAS, Condis and GADISA are committed to improving the lives of its customers by leveraging innovation to provide the most convenient and comprehensive service. The strong regional footprint of its network will see the significant expansion of the viacash service in Spain. Grupo IFA’s members’ stores offer a high-quality shopping experience, a perfect match for viacash. We are proud to join forces to integrate viacash at the checkout.” 

Juan Manuel Morales, General Manager at IFA, added: “We are constantly looking to enhance the services provided by our members, introducing innovations to attract footfall and improve their competitive position as regional leaders. We believe our partnership with viafintech is a solid step in that direction. It will help to complement the offering of our members and ultimately benefit consumers.” 

IBS Intelligence reported that Mastercard and Paysafe announced the integration of Mastercard Send into Paysafe’s payments platform, enhancing the payout capabilities offered to Paysafe’s merchant customers in the UK and EU.