IDBI Bank Ltd. has become the second bank in India to support cash withdrawals initiated at point-of-sale terminals, a spokesperson for the Mumbai-based bank tells PaymentsSource.
Launched March 24, the service is free for the bank’s debit cardholders, who may withdraw up to 1,000 rupees (US$22 or 16 euros) per day at designated merchant locations, according to the official. Cardholders either may just withdraw cash or withdraw more than the amount of their purchase at checkout, and no PIN is required, the spokesperson adds.
IDBI issues both MasterCard- and Visa-branded magnetic stripe debit cards in India, according to the bank’s website.
In February, Mumbai-based ICICI Bank Ltd. became the first bank in India to offer its debit cardholders the ability withdraw cash at the point of sale (
Last year, the central bank announced that it would allow cash-back services at the point of sale in India to increase consumer cash access. Indian merchants deploy some 500,000 POS terminals, while banks in the country deploy about 75,000 ATMs.
What do you think about this? Send us your feedback.
