Cash withdrawal via cash desk is another Visa project implemented by the company in Russia
International company Visa announced the launch of a new service in Russia. Users will be able to withdraw cash through the cash desks of stores this year. Anyway, the company has already sent instructions to Russian banks to provide technical support of the system in retail outlets. Then it will be tested and will start working fully at the end of 2019 according to the most positive forecasts. Interestingly, this service is not quite successful was launched by the competitor Visa — Mastercard in 2018.
Due to which users will be able to withdraw cash through the cash desk
The new Visa project assumes that the client will withdraw cash by means of POS terminals located at the cash desks of shops, provided that he pays by card for the purchase. So far, we are talking about the withdrawal of no more than RUB 5,000 at once. In this case any commission is not provided.
The different terms of connecting of the necessary systems are indicated. Technically advanced banks will be able to provide their work before the beginning of the summer, but trading networks need at least six months. The fact is that to cash out they need to become banking payment systems. The process of obtaining such status takes more than one day. A number of banks, in particular, Promsvyazbank and Russian Standard, will participate in the testing of the system, which is due to begin in the second quarter of 2019. VTB refused this initiative, and Raiffeisenbank is still studying the proposal. Visa representatives inform that they will cooperate closely with Russian banks for high-quality and large-scale implementation of the project. Moreover a similar system was launched by Mastercard in Moscow in 2018. However, it works only in one store of a large retail network. Thus, the launch of cash withdrawal systems for Visa is an important step in the conditions of competition and providing a more progressive service to customers. At the same time, the company will not receive special financial benefits from this. Visa considers this project from the point of view of increasing loyalty to acquiring by trade and service enterprises. Also, the new functionality will reduce the amount of cash collected to save money.