On July 1, the possibility of cash withdrawal linked to purchases was opened, allowing customers to get cash out up to twice a month, not exceeding 40,000 HUF in total – the Ministry of Economic Development (GFM) informed MTI on Friday in its announcement.
After such a cash withdrawal, the customer’s bank may not charge any fees or charges. The option will be available to merchants and service providers who offer cashback services, for which the relevant merchants and service providers need to contact the service provider operating the POS terminal.
When payment by bank card is already available, the new service can be introduced quickly – they added.
GFM notes that as per government projections, merchants and service providers can increase their sales and customer base through the cashback service. Moreover, it can provide assistance, mainly in rural areas—contributing to greater retention power in rural populations—where banking and payment institutions are less present, and where access to ATMs also involves traveling greater distances.
State Secretary for Public Administration Túri Anikó was quoted in connection with the procedure, who confirmed that the cashback service complements the still valid free cash withdrawal option, so thanks to the government’s decision, the amount of cash that can be withdrawn for free is finally from HUF 150,000 to HUF 190,000.
tags:
Admission, Exit, Cash, Bank Card, Store, Economy
