RCB, Mastercard launch “cash back” at shops

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RCB Bank, operator of the alternative retail payments terminals and Mastercard have joined forces to launch a cash-back service at all RCB point of sale (POS) terminals, using Mastercard debit cards.

Saving consumers, the trouble of going to an ATM to withdraw cash, the RCB-Mastercard venture, called “Cash@POS”, allows consumers to withdraw “up to €100”, according to an announcement issued by the bank.

It said, “there is no fee for the cash transaction”.

All one needs to do is use a Mastercard issued by any bank and use it at any RCB POS terminal.

The RCB said, “Hellenic Bank, the largest Mastercard issuer in Cyprus, is among the first issuing banks to support this transaction.”

Ironically, Hellenic Bank is also a shareholder in the island’s biggest payments company JCC, majority controlled by Bank of Cyprus, and co-owned by Hellenic, Alpha Bank Cyprus, National Bank of Greece (Cyprus) and AstroBank.

JCC has been gradually surrendering market share to RCB’s card payments service, as well as other newcomers, such as GAP Vassilopoulos.

According to RCB, “by tapping their debit card during a purchase, the RCB POS terminal provides the option of cash withdrawals, allowing a relevant transaction of up to €100, while merchants can define specific amounts for further convenience (i.e. €20, €50) and speed up the checkout process.”

The Financial Mirror is informed that a leading bakery chain in Cyprus has already gone live with the RCB-Mastercard Cash@POS, placing a cap of €60 for cash-back on any transaction at the counter.

“We are extending our Merchant Acquiring Services, as Cash@POS brings more convenience and better customer payment experience to everyone, shaping consumer behaviours and shopping habits”, said Harry Xenophontos, RCB’s Head of Acquiring & Digital Payment Services.

“Bringing new solutions and services for the benefit of Mastercard cardholders, constitutes one of our top priorities,” said Aspa Palimeri, Country Manager, Mastercard, Greece, Cyprus & Malta.