Cashing money at the box office supermarkets: who profits

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Connected 65 thousand sales outlets all over Ukraine.

Recently PrivatBank has launched in Ukraine a new service that allows you to get cash when paying for purchases with a Bank card at the cash desks of shops. To use this service the owners of all debit cards — payroll, student, social. Today the service “Cash on hand” is connected 65 thousand sales outlets all over Ukraine. In the near future affiliate network plan to expand to make the service more accessible, reports the with reference to

How it works

To get cash at the checkout point of sale, the buyer needs to pay for the goods by Bank card of any amount and to inform the cashier about the intention to withdraw cash. The maximum amount of cash withdrawal is 500 UAH, regardless of the purchase price. Operation is confirmed by entering the PIN – in short, nothing complicated. The fee for withdrawing funds at the checkout of a supermarket is not provided. Possible Commission according to the tariffs of cards similar to ATM: that is, if you in an ATM to withdraw funds with the Commission, will also be on hand. If cashing at ATM free free it will and at the box office.

In the PrivatBank said that buying with cash is quite a popular service in many countries. To obtain cash when paying directly at the cashier – it’s convenient, because in this case the person there is no need to search for an ATM and stand in line still there.

We interviewed the experts and found the service “Cash on hand” is the rare case where the innovation can be beneficial to everyone – customers and Bank and trade networks.

Service with a future

At first glance it may seem that, given the number of ATMs in the country, consumers from the new services, that is, neither cold nor hot. But can talk mostly residents of the capital and other major cities, where non-cash payments popular and shortages at ATMs no. But the residents of small settlements, where in the course of cash, and ATM we still have to look, and even then it turns out that money in it, this service came in very handy. However, it is not difficult to predict that just as the rural shopping service “Cash on cash” will come in the last turn, but if you look at the future, nothing wrong with that. Is that small shops have already started worrying that the cash they have for everyone may not be enough. But it is also rather “long.”

Banks: less responsibility, more cards

Certain beneficiary Bank. For example, lawyers do not exclude that in case of theft of money responsibility for it will carry not a Bank and trading institution. But in any case, to talk about it too early: to know for sure, you need to wait for a precedent.

In addition, says economist Andrew Martyniuk, it is possible that the new service will reduce the volume of cash withdrawals, not to growth, as one would assume. It is no secret that going to the ATM, a shoot everything that they have on the card, and then pay cash. If a person will be able to rent 500 UAH at the time of purchase, it is possible that he then not go to the ATM to withdraw the entire balance and will gradually begin to get used to pay with a card whenever possible. And it also carries direct benefits to the Bank.

Trade: less cash – less caring

At the same time the expert of the Institute Growford Alex Kush believes that the financial institutions a lot of money the new service will bring, and to a greater extent, this innovation is beneficial to retail chains. That is why private banks possible passive “sabotage” such an innovation, and government financial institutions took part in the experiment because they “convince” to go for it easier. According to experts, the innovation will allow shops to reduce the balance on hand at the end of the trading day, faster to calculate and generally to save cash.