US-based RCB Bank has partnered with payments giant Mastercard to roll out new cash withdrawal service at point-of-sale (POS) terminals in Cyprus.
Dubbed Cash@POS, the solution enables consumers to withdraw cash inside a shop at an RCB POS terminal.
Cash@POS is said to be a cash withdrawal service, which will serve as an alternative to ATMs.
Consumers can use the RCB Cash@POS service to withdraw small amounts of cash while they are shopping.
They can do so by tapping their debit card on the POS machines during purchase and withdraw up to a maximum of €100, subject to the merchant’s discretion.
The new service will also benefit the merchants as it does not have any cash handling fee or transaction fees associated.
Hellenic Bank is the first Mastercard issuing bank in Cyprus to support the transactions through Cash@POS service.
Mastercard Greece, Cyprus & Malta country manager Aspa Palimeri said: “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.”
Commenting on the launch, RCB Bank head of acquiring & digital payment services Harry Xenophontos said: “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 behaviours and shopping habits.”