Cyprus Banks Association promotes Cashback service expansion

The Cyprus Banks Association, in collaboration with Visa, JCC Payments, and Vpayments, held a press conference on November 11, 2026, to review the success of the 'Cashback' initiative. The service, which has been operational for three years, allows customers to withdraw up to €100 in cash from retail stores while making a purchase. The goal is to support vulnerable groups and residents in remote or rural areas by reducing the need for traditional ATMs.

Currently, the service is available at over 500 retail locations across Cyprus, facilitating transactions worth millions of euros. While one source cited an increase from 40 locations three years ago to 500 now, another report noted that the long-term strategic objective is to double the network to 1,000 service points. The service is restricted to debit cards issued by domestic providers and requires a retail purchase to initiate a cash withdrawal. There are no additional fees for consumers or merchants using this system. The Association plans to continue its outreach campaign to further integrate new businesses into the network.