The companies Prisma Medios de Pago and Fiserv, operators of Payway and PosNet, reported that, starting this month, users will be able to make withdrawals at cash of up to $30,000 in participating businesses.
However, in order for the client to extract cash, it is necessary to make a purchase with the card associated with the account, since, through Payway and PosNet, payments with Visa and Mastercard are processed. For his part, the money It will be credited to the merchant’s account 24 business hours after the extraction is made.
The detail of the operations, including the withdrawal in cash, can be consulted in “daily and monthly settlements within the My Payway portal. In addition, it allows you to check the status of sales and collection dates, manage new services for your business, create and share payment links, generate interoperable QRs, among other functionalities”, according to what they specified.
From PosNet they commented that “the initiative to increase the withdrawal limit of cash came from the brands. We as processors apply it to our network en masse. It is not mandatory, but it is a good practice in the industry”.
According to a Prisma report, in the third quarter of 2022 there was a year-on-year growth in debit card transactions of 16% and, if the total volume of debit card consumption is analyzed, cash withdrawals in stores already represent the 3.73%”.
Regarding the change to extract more money, they detailed: “It allows the client to do two operations in one, which makes the experience simpler. For businesses, the sales volume increases because it offers more services and attracts customers without additional lines. In addition, it reduces risks and costs associated with cash management”, indicated Lucas Gracia, Head of Product Payway of the company.
Although the withdrawal limit will be $30,000, the actual value can be set by each trade, as it depends on the money which is available in cash at the time of withdrawal.
The use of cash decreased with the pandemic
After the restrictions of the coronavirus pandemic, people avoid making transactions with money, since prefer to make purchases or transfers directly through digital media.
According to Fiserv, the global company dedicated to payment processing and financial services technology, “the debit card continues to position itself as the most mentioned means of payment as preferred”; likewise, “virtual wallets and QR codes grow as a preferred means of payment, in a growing trend versus 2021”.
