He cashback, which literally translates to “money back” is a new option for Have money, for example, in cases where the person does not live near an ATM or bank branch.
How does it work? Imagine you will do it Buy in the supermarket or fill up with petrol, and you spend 50 euros. When passing by In the box they ask for 20 euros in cash. This way when you leave Pay with your bank card, They charge you 70 euros.
It is a practical and quick system to get cash and put some bills in your wallet. However, there are requirements that must be taken into account, according to the Bank of Spain’s banking customer portal (@BancoDeEspana). One is that there may be limitations Daily amount that can be requested, although “it will be enough to satisfy the majority of customers.”
But be careful, Do not confuse this process with the so-called websites of Cashback (or some cards’ rewards systems) that reimburse a small percentage of purchases you make at other participating establishments. They are different things.
How much does the cashback cost me?
The Bank of Spain explains that the system of Cashback there are no costs to him Client, as long as you don’t use your card in mode rotating.
On your part the businesses Anyone who provides the customer with cash receives a small commission in return.
In return the Bank offers its customers an additional service that complements the service of its offices and ATMs.
It is The service has just landed in Spain. However, it is foreseeable that “more and more banks will offer this through agreements with certain retailers,” according to the banking client portal of the Bank of Spain, a body headed by the governor. Pablo Hernández de Cos.
This purchase option is available in other countries in the European Union Checkout It is more developed. A 2020 study by the European Central Bank shows that eurozone citizens receive 2% of cash via the cashback, Of particular note is its use in Belgium (6%) and Ireland (5%).
Access to cash in Spain
Even though they did has eliminated more than 10,000 ATMs in the last decade According to the monetary authority, Spain remains the second largest country in the EU with the most ATMs per 1,000 inhabitants.
In September 2020A study was carried out on access to cash in Spain, which showed that 4,378 communities do not have a bank branch, This affects 3.1% of the Spanish population. On average, these residents have to travel 7 kilometers to get to the nearest office.
The highest proportion of the population without access to bank branches in their region is found primarily in the Autonomous Communities of Castile and León and Extremadura.
Therefore they are becoming more and more widespread Other alternatives, such as displaced ATMs and other facilities such as Mobile offices in rural areas (Ofibusse).
For some people who are not comfortable using an ATM, the Cashback This could be a solution as it would be friendlier for them if the cash was handed to them in person.