Spanish FI Banco Sabadell has launched an "Instant Money" utility on its BS Mobile service that lets customers get cash using their mobile phones. With the Banco Sabadell mobile app, customers can generate a code, which is sent to their phone via text message. This code permits the withdrawal of a customer-specified amount of cash from any of Banco Sabadell ATMs.
This code can also be sent to another person who transacts the withdrawal, essentially making Instant Money both a P2P instant payment tool and a long-distance remittance tool — one that is completely surcharge free to the customer.
So far, BS Mobile has been downloaded more than 550,000 times. In April alone, more than 500,000 users accessed Banco Sabadell through the app — a 50 percent increase year over year.
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