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ICICI Merchant Services (IMS) becomes the first to offer cash withdrawal at POS terminals

ICICI Merchant Service is delighted to announce that it is the first acquirer in the country to enable merchants to offer domestic debit card holders the ability to withdraw cash at POS terminals in merchant outlets. Previously, cash withdrawals using a plastic card were available only at ATMs. The new facility could help merchants make their stores a destination for customers and differentiate their service offering from competitors.

This facility will be available on all debit cards issued in India. Customers can withdraw a maximum of Rs 1000/- per day as per Reserve Bank of India guidelines. Cash can be withdrawn both with and without associated purchase transaction at an approved and enabled merchant establishment with POS terminals. In addition to providing enhanced customer service, converting cash into electronic funds also means that merchants can benefit from reduced risk and cost associated with managing physical cash.

Amrish Rau, General Manager, First Data India and ICICI Merchant Services said, "This is another example of how we are focused on making our merchants more competitive and giving them the ability to differentiate their business in competitive markets. We believe the cash at POS facility will greatly enhance consumer spending convenience and result in more consumers choosing to spend their money with our merchants."

If you are a merchant of ICICI Merchant Services and are interested in offering your customers the ability to withdraw cash in your stores, please contact us on 1800 102 1671.