Santander is teaming up with Prosegur Cash to launch in-store digital cash management for businesses.

The new service, called ‘Cash Today,’ is designed to guarantee the cash merchants collect is held in a secure device and contractually insured.

Santander said the initiative mirrors card payments so that customers can have the cash the device confirms immediately in their Santander bank account.

Customers can also track all transactions on the Cash Today device in real-time.

The bank said that the new service targets supermarkets, logistics firms, restaurants, distributors, service stations, pharmacies, tobacco shops, as well as others.

According to Santander, in Spain more cash is handed over for small purchases than in any other major economy in the eurozone.

Policarpo Ledesma, commercial director for Iberia at Prosegur cash, said it’s important to offer solutions in industries where cash still prevails.

“Our proposition helps businesses efficiently manage the cash they take in, and offers a digital solution that enables instant transfer, greater security and less time and effort, while enhancing payments at outlets in more underserved areas”, said Vicente Pantoja, head of cash solutions at Santander España.

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