Cashback at the checkout: Mastercard to introduce free cash withdrawals at stores in Greece

Mastercard is preparing to roll out a new cashback service in Greece, allowing consumers to withdraw cash directly at the point of sale (POS) when making purchases. The service, which will be free of charge for both customers and retailers, is expected to be tested in 2026.

The initiative comes at a time when banks are debating the future of the ATM network, and Mastercard aims to offer an alternative method for accessing cash. Panagiotis Polydoros, the company’s country manager for Greece, Cyprus, and Malta, said agreements with retailers are key to the model’s success, as they stand to benefit from increased foot traffic in stores.

The cashback option, widely used in countries such as the UK, Germany, France, Finland, and the US, allows customers to withdraw money while paying for goods. In Cyprus, for instance, shoppers can withdraw up to €50–100 in cash at selected stores when making a purchase, providing immediate liquidity without visiting an ATM.

Mastercard has already tested the system in Poland and Cyprus and plans to implement it in Greece initially for small amounts, while larger withdrawals will continue to be handled through traditional ATMs. The move is part of Mastercard’s broader strategy to expand its presence in the payments sector amid growing competition from new technologies, including direct payment systems like IRIS.

With universal POS coverage across the country, the introduction of cashback at the checkout could offer consumers a convenient, cost-free alternative for accessing cash, while potentially boosting store visits and retail activity.