Correos is taking a major step into digital banking. The company now offers a reloadable prepaid Mastercard with instant online top-ups, which includes IBAN support and full compatibility with Apple Pay, Google Pay, and Samsung Pay. For just €6, users can activate a physical card, manage it through a mobile application and use it like a simplified bank account. This comes with no credit checks, no paperwork, and no need to visit a bank.
With more than 2,000 post offices across Spain, concerns are growing about financial exclusion in rural areas. This move could be more than just a side project; it could be Spain’s first real test of public sector fintech. So, how does it work, and how do you get one?
Correos’ new cards
Correos officially entered the financial services space with its new prepaid Mastercard, which is now available across more than 2,000 branches and online as well. It is unlike a standard debit card because this card does not require a full bank account or paperwork. For just €6, you can obtain a physical card, or for €3.50, a virtual version. You activate it instantly online, and then you start using it every day for payments and transactions.
Spanish IBAN for incoming transfers.
ATM withdrawals, both in Spain and abroad.
Mobile payments via Google Pay, Apple Pay, and Samsung Pay.
Top-ups are done instantly from the Correos app or at any Correos location.
In short, it functions like a lightweight neobank, ideal for individuals without stable banking access, including students, freelancers, migrants, or those in rural areas where banks have withdrawn their services.
What can you do with it?
Now, despite it not being a full bank account, the Correos prepaid card offers a surprisingly large amount of functionality, which is enough to cover most day-to-day needs:
Pay in shops or online, just like a debit card, both in Spain and abroad
Withdraw cash from ATMs (charges may apply depending on the network)
Receive transfers using a Spanish IBAN — handy for salaries, refunds, or splitting costs.
Top up instantly via the Correos Prepaid app or in person at any Correos branch.
Use with your phone — the card is compatible with Apple Pay, Google Pay, and Samsung Pay.
Manage everything from your app — freeze your card, track spending, or request a new one.
In short, there’s no overdraft, no credit line, and no hidden terms. It’s a card built by Correos for basic everyday usage, and it’s open to anyone who has a Spanish address and an ID.
Is this the real neo-bank?
It’s a prepaid Mastercard; this should be a PFS Card Services Ireland under the electronic money regulations, not a bank deposit product. That entails that there are no loans, overdrafts, interest-bearing accounts, or even deposits protected under Spain’s guarantee scheme.
Instead it acts as a digital first electronic money institution, which is similar to Bnext or the limited scope Neo Bank, it offers:
I’ve been receiving transfers, but it only supports setup payments, so that means no credit card savings or investment accounts.
Instant digital issuance and top-ups through the application or through the post office
Mobile Wallet compatibility with features like spending alerts, usage tracking, and card freezing.
While it does feel like a bank in everyday usage, it remains a fintech overlay that is secure, accessible, and publicly backed but limited.
The bigger picture
Correos is making a public sector pivot into digital finance, and especially in Spain, where half of the small towns no longer have a bank branch, as it is positioning itself as an alternative. It also comes at a moment when traditional banks are closing branches to cut costs.
Many Spaniards still rely on cash for in-person payments, and financial exclusion is on the rise, especially among the elderly, workers, and migrants.
This prepaid card follows expansions into insurance, utility bill payments, and remittances. Together, they form a pattern, a state-run institution adapting to digital life while still rooted in physical communities.
In rural Spain, over 3,000 towns have lost their last bank branch. Correos has remained, and that presence, combined with its new instant digital tools, makes it a unique hybrid: part technology and part social infrastructure.
Of course, there’s still a long way to go before Correos becomes a real Neo bank, but in a country where financial exclusion is growing and trust in traditional banks is relatively low. This new card is a publicly accessible, no-frills alternative that might be exactly what people did not realise they needed until now.