Cyprus banks and Visa promote Cashback service expansion

The Association of Cyprus Banks, in collaboration with Visa, has launched an awareness campaign to promote the 'Cashback' service, which allows consumers to withdraw cash directly at retail points of sale. Currently, the service is available at approximately 450 retail locations across Cyprus, providing an alternative to traditional automated teller machines (ATMs) which have become increasingly scarce in some areas.

To utilize the service, consumers must make a purchase of any value and use a debit card issued by a local payment service provider (Visa or Mastercard). The maximum withdrawal limit is set at €100 per transaction. The initiative is offered without additional fees to either the consumer or the participating retailer, according to information provided by the Association of Cyprus Banks and JCC. While the service is promoted as a convenient solution for accessing cash, especially in remote areas, some observers have raised questions regarding the shift of banking responsibilities onto retailers, noting that cash access is now contingent upon making a purchase.

The current campaign, running through October, focuses on expanding the existing network of retail stores and educating the public on how to utilize the service. This development highlights the ongoing coexistence of digital payment methods and physical currency in the Cypriot market.