Cyprus banks promote cashback service for retail withdrawals

The Association of Cyprus Banks, in collaboration with Visa, has announced a campaign to expand the cashback service, which allows customers to withdraw cash at retail locations. Currently, the service is available at approximately 500 retail stores across Cyprus, an increase from 40 locations three years ago. The long-term goal is to double this network to 1,000 participating businesses to better support citizens, particularly those in rural and remote areas.

The service allows for a maximum withdrawal of €100 per transaction. To utilize this facility, customers must possess a debit card issued by a domestic provider and must complete a retail purchase at the participating store. Credit cards and foreign-issued cards are currently excluded from the service. The initiative is presented as a vital tool for citizens to access liquidity easily without incurring additional fees.