Filenews 1 June 2022 - by TheanoThiopoulou
Securing cash free of charge, from bakeries, kiosks, gas stations, supermarkets, butcher shops, department stores, which will operate unofficially . . . as ATMs, they will be able to help thousands of citizens, who would not need to go to a bank branch to be served.
Bank customers, along with their purchases from a bakery or a supermarket, will also be able to request cash from the cashier, up to a limit, as long as they have a debit card (Mastercard & Visa). The new idea of customer service is promoted by the Bank of Cyprus and Hellenic, aiming to serve their customers as much as possible, on the occasion of the fact that they are closing branches to reduce operating costs and it is difficult to serve otherwise some customers, especially the elderly, who cannot get acquainted with digital transactions.
In some cases, bank customers will have to travel quite a long way to find an ATM. With the new system being promoted, however, all cardholders will be able to withdraw cash, free of charge, from shops and other points of sale of products or services, as they will combine their purchases with the securing of cash from the branch's cashier.
The information of "F" indicates that the Bank of Cyprus has taken an initiative and informs businesses about the new possibility they have through the cash back service, as long as they activate this service, after contacting the terminal provider, e.g. JCC, Vasilopoulos, etc.
According to the data collected by "F" from the Bank of Cyprus, the consumer during the purchase and after the merchant activates the specific service, then the POS (terminal) will provide the possibility of withdrawing cash, up to €100, while the branch can determine other specific amounts (i.e. €20, €50). This amount will be charged to the customer's card and then the consumer will receive the money requested from the cashier of the store.
Each provider can change both the amount and the options. The merchant offers the service only for private transactions, which require pin verification, as is the case with cash withdrawal from an ATM. It should be mentioned that Cashback is only available when the consumer presents his card and not via Apple Pay / Wallet.
The advantages of the service are the withdrawal of cash for the cardholder free of charge, without hassle or travel and without having to search for an ATM. There is a saving of time, as there is no need to visit a bank, while shopping is combined with cash withdrawal, through a secure transaction.
The Bank of Cyprus estimates that businesses through the new service will reduce their operating costs in terms of cash management, since they will be converted into online sales, while at the same time the service will contribute to the increase of the store's sales, as consumers will choose the businesses that offer this service.
The bank is in contact with its customers all over Cyprus, with the aim of enabling as many branches as possible to activate the ability to provide cash through the POS. It should be noted that cardholders from all banks will have the right to withdraw cash, but the Bank of Cyprus is leading the way in consolidating this practice, which is very widespread abroad.
