The cashback programme appears to be gaining ground in Cyprus with about 15,000 such transactions having taken place in the first five months of the year, at a total value of €900,000.
As previously reported by the Cyprus Mail, efforts are underway to provide cashback services throughout a wide array of businesses and shops, from tavernas and kiosks to petrol stations and bakeries – points of daily interaction, therefore reducing the need for an ATM.
Cashback is where a customer pays by debit card and asks for a further amount to be charged – up to a maximum of €100 – with the added amount then handed over in cash.
In details provided to daily Phileleftheros by the JCC card payment system, it was stated that as of June 22 there are 215 businesses offering cashback. The breakdown per district is: 69 in Limassol, 58 in Nicosia, 37 in Larnaca and Paphos (each), and 14 in Famagusta.
JCC explained that, so far, the most common points of cashback are at petrol stations, supermarkets, kiosks and bakeries. It added that signs have been sent out to businesses which have signed on to the programme so that they can be placed in view of the public and inform them that they offer cashback.
The company further explained that a list is due to be published shortly on the JCC website which will inform the public of the businesses which have joined.
Companies which sign on to the programme can offer the service with no extra fees or charges added, meaning that there is no further cost to the customer, either.
JCC outlined that each businesses will be able to customise its options of the amounts which can be paid out and, as with ATMs, users will have to insert their PIN.
Concerns over easy access to cash have become more common as rolling waves of branch closures across the world are speeding up amid a digital transition of bank services.