RCB Bank and Mastercard launch Cash@POS in Cyprus

22 July, 2020

RCB Bank and Mastercard have launched Cash@POS, the latest feature in electronic transactions, enabling consumers to withdraw cash during a purchase inside a shop, through an RCB POS terminal.

At a time where cash usage is gradually reducing, RCB Bank in collaboration with Mastercard, seek to innovate by providing an alternative to the use of ATMs. Through the new Cash@POS service, the merchant also benefits, as cash handling operational costs are minimized.

Through the new RCB Cash@POS service, consumers that require small cash amounts, have the opportunity to get it fast and easy, at no additional fee, while shopping.

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 EUR 100, while merchants can define specific amounts for further convenience (i.e. €20, €50) and speed up the checkout process.

The new Cash@POS service improves the shopping experience and increases client satisfaction, as it gives the opportunity to consumers to obtain cash at the comfort of the merchant point they are, without the need to proceed with the transaction at the closest ATM.

Commenting on the latest first-in-the-market product launch, Harry Xenophontos, Head of Acquiring & Digital Payment Services stated: “RCB is again pushing boundaries to bring new value-added solutions in the market, hence extending its Merchant Acquiring Services. Cash@POS brings more convenience and better customer payment experience to everyone, shaping consumer behaviors and shopping habits”.

Aspa Palimeri, Country Manager, Mastercard, Greece, Cyprus & Malta added: “Bringing new solutions and services for the benefit of Mastercard cardholders, constitutes one of our top priorities. The introduction of Cash@POS in Cyprus, in collaboration with our partners RCB Bank, is a bright example of this, as we provide a new service, making the everyday transactions of consumers, easier. We will continue working towards this direction, in order to enable all parties in enjoying faster, easier and safe transactions, through our solutions”.

It is worth noting that Hellenic Bank, the largest Mastercard issuer in Cyprus, is amongst the first issuing banks to support this kind of transactions.