Increases the limit for cash withdrawals in participating businesses: up to how much you can withdraw

The steady increases did not reach the withdrawal limit allowed for customers when paying by debit card at petrol stations, pharmacies or supermarkets. Starting from April, businesses that use Payway’s Extracash service will be able to offer their customers withdrawals of up to $170,000 in cash with debit cardsas long as the cashier has cash available.

Until now, Customers could withdraw up to $40,000 of businesses where they paid for their purchases with a debit card. This amount was last updated in May 2023.

According to the latest Payway Index from the fourth quarter of 2023, cash withdrawals in stores or Extracash already represent 3.82% of the total consumption volume with a debit card.

“Extracash by Payway is a very safe method with which users can obtain cash, with great capillarity throughout the national territory, while making purchases. Starting this month, anyone will be able to withdraw up to $170,000, improving access to cash. At the same time, our activities attract customers and reduce the risks and costs associated with liquidity management,” says Lucas Gracia, Product Manager Payway.

The extracted amount is credited to the merchant’s account 24 working hours after submitting the transaction.

The details of the operations can be consulted in the daily and monthly regulations within the Mi Payway portal. This portal allows businesses to check sales status and payment dates, manage new services for their business, create and share payment links, generate interoperable QR codes, among other features.

The first allowable amount four years ago was $5,000, which Payway has now updated to $30,000 in December 2022 and $40,000 so far.

How to withdraw cash in a store

Withdrawing money from one of the many participating businesses is easy. Fill up with gas and ask for cash at checkout; or when you are paying for a purchase at the supermarket. How to do it:

• For a purchase with a debit card at a commercial establishment participating in the network (supermarket, petrol station, pharmacies).

• At checkout, ask the seller if they have money available to make a withdrawal and indicate the amount to withdraw.

• This operation It is free.

SN