N26: new costs related to corona pandemic

[vc_row][vc_column][vc_paragraph text=”All of Europe has been affected by the restrictions implemented because of the coronavirus pandemic, and, consequently, the expenses of citizens have changed.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Europeans are switching to non-cash payments” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Fintech N26 is a company that, in essence, provides services on digital banking. The company that has been working on European market during the entire period of quarantine has shared the information on how European people’s preferences about purchases and payments are changing.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The recent measures lead to changes in the behavior of consumers in Italy, France, Austria and Spain in the period from the preliminary blocks to the global quarantine in early April.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Following the WHO recommendations that encourage non-cash payments as a method that helps to avoid the disease transmission via notes, consumers use less and less cash money.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Meanwhile, cash withdrawal fell by half over the preliminary blockings, and 55% of Italians prefer to use only digital payments supporting the rejection of cash usage.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Experts have also noticed the changes of payment preferences towards certain categories and merchants.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In all European countries trade networks and online shops like Amazon, AliExpress, delivery, internet and entertainment services (Apple.com, Netflix, Google Play, Spotify) have reached huge client financial flows.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Thus, grocery shopping accounts for 79% of all expenses, and the second place is taken by streaming services and entertainment – 29%, and then follow the delivery services – 20%.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In contrast to this, the restrictive measures implemented for transport reduced the volumes of transport services and car rental. “][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Older generation masters online banking” size=”medium”][vc_single_image image=”1203″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Users of N26 have shifted to e-commerce (where the online transactions constitute the largest share of expenses on every market).”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In particular, the amount of transactions in e-commerce has risen among costumers older than 65 years.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In fact, the increase of the digital trading transactions volume for this age group constitutes 13% in Italy, 14% in Austria and 7% in Spain and France.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”“Since people make more online transactions than they used to before the quarantine, and many clients buy something from online merchants for the first time, it is important to reassure citizens of the security of such transactions. In particular, in Italy we notice the 12% growth of online transactions made by people from 45 to 54 years old.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”If we look at the segment over the age of 65, this share increases to 13%.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”We expect that the tendency will remain in the future, regardless of the economic crisis and the crisis of health care industry. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”This is why we continue working at our full functionality for protecting online customers and to ensure that have a complete control over their accounts.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”This is very important for the older clients who are unfamiliar with the new forms of purchasing and payment”, said Andrea Isola, Italian general manager of N26.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”For that reason the digital bank has decided to strengthen the security measures implementing the opportunity to activate and deactivate online and international payments at any time, use Apple Pay or Google Pay and change PIN-code if necessary.”][/vc_column][/vc_row]