Filenews 24 June 2022 - by TheanoThiopoulou
Cash withdrawals from retail outlets, such as bakeries, kiosks, gas stations, supermarkets, are constantly increasing, as cashback fluency seems to be gaining ground rapidly, replacing banks' ATMs, without even having undertaken a campaign to promote this means of securing cash, especially in areas with a very limited supply of services from physical bank branches.
According to the data collected by "F" from JCC, which is one of the service providers for card use, from the beginning of the year until the end of May, approximately 15,000 cashback operations were carried out in various stores, with a total value of €900,000.
Regarding how many stores offer this service, through JCC terminals, the data until 22/06/2022 given to "F" state the following: The total number of stores nationwide using the cashback service is 215. The stores per district are: Nicosia 58, Limassol 69, Larnaca 37, el district. Famagusta 14, Paphos 37. The main categories of stores that use this service through the JCC provider are gas stations, supermarkets, kiosks, bakeries. JCC has given relevant trademarks/markings to the businesses that offer the service and which can place them at their checkouts or other places they wish, in order to inform customers about the possibility to secure cash through their debit cards.
For the time being, JCC has not yet released the names of the companies providing the cashback service, although this would make it easier for consumers who want to withdraw small amounts (up to €100 per store) from retail outlets.
"F" asked for the list of companies participating in the program and we were told by JCC that very soon it will post the names of the companies on its website.
How the act is done
Cash withdrawal from a store can be made after the entrepreneur activates the service through JCC. Then the POS (terminal) provides the possibility of withdrawing cash, up to €100, while the merchant can set specific amounts (i.e. €20, €50), thus speeding up the checkout process. This amount will be charged to the customer's card and then the consumer will receive from the cashier of the store the money requested. The trader can allow smaller amounts (up to 4 options). Please note that each provider can change both the amount and the options. The merchant offers the service only for private transactions, which require verification by PIN, as is the case with cash withdrawal from an ATM. It should be mentioned that the cashback is only available when the consumer presents his card and not via Apple Pay / Wallet.
All cardholders will be able to withdraw cash free of charge from the stores, since they will combine their purchases (regardless of value) with cash withdrawal. This plan comes to give an outlet to bank customers who want to withdraw cash but do not easily find ATMs, due to the ongoing shrinkage of the banking network and the extensive digitalization of transactions promoted by banks.
