Following an international trend, consumers in Cyprus will now be able to withdraw cash without a fee at participating supermarkets, bakeries, butchers and gas stations. The maximum withdrawal limit is set at 100 euros.
The service has been in place for many years in the US and allows consumers to save time by cutting out a trip to the ATM. The system enables debit cardholders to request cash back when paying for their goods via Mastercard or Visa on a POS terminal. Once the price of the goods is punched into the terminal, the system will ask the customer if they would like cashback up to 100 euros. The customer can approve or decline the additional transaction.
Merchants will have to contact their service provider to request this additional service.
The idea behind this new service is to help consumers save time by cutting out an additional item in their to-do list, i.e. running to the bank to withdraw money, which is sometimes inconvenient and a waste of time.
Merchants benefit from this service as well, contributing to an increase in sales and improving the shopping experience for customers.
No additional fees will be charged for this service as the entire amount will be considered a cash purchase.