Compelo Banking - Latest industry news and analysis is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

UniCredit Bank Offers Cash Back Service In Czech Republic

UniCredit Bank has started offering cash back service (i.e. cash withdrawal at points of sale) in the Czech Republic from April 2010.

UniCredit Bank said that Visa and MasterCard payment card holders can take advantage of this system as they will be able to withdraw up to CZK1,500 in cash when making a payment of at least CZK300 for a purchase using the payment card.

Use of the cash back service will be free of any additional fees for clients as well as merchants having a UniCredit Bank payment terminal installed.

The cash back service will gradually be made available at select points of sale marked with the label Visa cash back or MasterCard cash back. A cash withdrawal at a cash desk in stores will be carried out in a similar manner as at an ATM.

After completing the purchase and communicating the desired withdrawal amount, the client will be asked to enter the PIN and, as the case may be, to sign a receipt. The withdrawal documentation will be issued together with the receipt for the payment executed with the card. The first large merchant with which UniCredit Bank will offer the service is the chemists’ chain Schlecker.

Frantisek Jungr, manager of cards section and chairman of the bank card association at UniCredit Bank, said: “We regard the cash back service as an appealing supplementary service for Visa and MasterCard payment cards that enables our clients to receive needed cash in a simple, quick and secure manner, particularly in places where no UniCredit Bank ATM is located nearby.”

Mr Jungr added that clients would continue to prefer ATMs for larger cash withdrawals and thus UniCredit Bank plans to further expand its ATM network.

Tereza Kuklikova, acquiring manager at UniCredit Bank, said: “Merchants again have expanded their services offering for their customers and will have the possibility to reduce their expenses on cash operations.”