Starting in May, customers who need to withdraw cash will be able to withdraw up to US$40,000 with debit cards -that is 30% more than today-, in companies that use Payway.
Since last December, the limit has risen to $30,000. To withdraw money in participating enterprises, it is necessary that the customer makes a purchase with the card associated with the account.
Cash withdrawal in shops (extracash) already represents 4.14% of the total volume of consumption with a debit card, according to the latest Prisma Medios de Pago index for the first quarter of 2023.
“The customer does two operations in one, buy and withdraw cash, simplifying your experience. Commerce increases sales volume as it offers more services and attracts customers without extra lines. It also reduces the risks and costs associated with cash management,” says Lucas Gracia, Head of Product Payway.
From Prisma they point out that the extracted sum is credited to the merchant’s account 24 working hours after sending the transaction. Furthermore, and that “the details of the operations can be consulted in the daily and monthly settlements within the My Payway portal”.
In the same portal, merchants can check the status of sales and collection dates, manage new services for their business, create and share payment links, generate interoperable QRs, among other features.
What are the participating companies?
- YP extension
- the anonymous
- Among others
Withdrawal at ATMs
The ability to withdraw money from a company is something quite new, historically the ability to withdraw cash was tied to the bank’s cash desk, in principle, and later to ATMs.
In the latter case, the withdrawal limit is given by the daily amount that the bank allows, and the customer (in a personal process) can also request an extension of this amount.
This typically gives you the daily maximum if you’re a social plan beneficiary or retiree it’s $15,000 a day. From $30,000 and up to $130,000 it is a premium client.
The daily amount of money that can be withdrawn from the ATM may also be lowered for security or other reasons. And the process can be done through home banking.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.