Free in-store cash withdrawals: a government idea that did not find understanding ears

By: Trademagazin Date: 2024. 03. 01. 13:20

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Eight months ago, the government introduced the proposal that it should be possible to withdraw cash in stores even for minimal purchases. According to the idea, this would help people living in smaller settlements, who would not have to travel to larger cities or villages just to withdraw money from ATMs. In addition, the shopkeepers could also save costs if their customers brought the cash with them.

However, the proposal ultimately did not find understanding ears, and the system has not yet been implemented by any store. The government’s original plan was that banks should provide a total of HUF 40,000 free cash withdrawals per month for their debit card customers in stores. This could have been used at merchants and service providers providing cash-back services. However, since the introduction of the system, no new merchants have entered the program, and banks do not offer a terminal that can handle this function. The government reckoned that merchants could increase their turnover and customer base through the cash-back service. And it could have been a help for people living in rural areas, where there is less banking infrastructure and ATMs. However, the planned measure remained empty in practice. From the point of view of the banks, the situation is that there is currently no significant demand for in-store cash withdrawals, and as a result they do not offer terminals that are suitable for this service. Opinions are divided among retailers: some fear that they could be robbed if they introduce cash withdrawals, while others do not understand why they should give cash, which could end up with their competitors.