Cashback: “withdrawing” money at the petrol station or the supermarket

29/11/2023

Financial inclusion involves the whole of society. That is why the theme of this year’s Financial Education Day is “Inclusive finance - Finance for all”. The event highlighted the difficulties faced by people living in sparsely populated areas in accessing basic banking services and products.

One of the most pressing issues in rural areas is access to cash, as many villages have no bank branches or ATMs. To help bridge this gap, banks are exploring alternative solutions for rural residents to be able to obtain cash for their daily needs – one of which is cashback.

Cashback is a straightforward operation. It allows you to withdraw cash from your bank account when making a purchase, for example at a petrol station, supermarket or shop. All it takes is requesting the cash when it comes to paying. The total charged to your debit or credit card will be the cost of your purchase plus the amount of cash you wish to withdraw. Check first that the shop provides this service.

This initiative – alongside others currently under review – is one of the solutions proposed by the banking associationsAbre en ventana nueva to prevent rural residents’ financial exclusion. The goal is for no one to be left without access to the most basic financial services.