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Russians will Withdraw Cash from their Cards at the Cash Registers in Stores via POS-terminals
13.02.2018 17:27
Russians will Withdraw Cash from their Cards at the Cash Registers in Stores via POS-terminals

Russians will be offered to withdraw cash from their cards at the cash registers in stores via POS-terminals. This service is being already tested by banks and payment systems.

      The largest Russian credit organization - Sberbank - plans to launch this service in the second quarter of this year, as the interlocutors of the publication said. The novelty also is of interest to the Mastercard payment system which has already conducted tests jointly with several banks, including VTB and “Russian Standard”. “Mastercard offers to withdraw cash at the cash registers of stores in the following way: the customer pays for the goods or services by his/her bank card and at the same time requires the cashier to give out the necessary amount of cash, enters the PIN code, then the bank that issued the card approves the purchase and cash withdrawal” - the source explains. He also specified that the amount for withdrawal will be limited.

      Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 1 million corporate clients in 22 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.


Author: Anna Dorozhkina


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