It is time to modernize the withdrawal and payment system to guarantee access to cash for everyone, even those living in small municipalities and the most inner and least-served regions of the country. Not only does the European Commission, which has presented various proposals in this sense in the past, want to achieve the introduction of a digital euro, but Meloni’s government is also ready to maneuver a rule allowing cash into circulation. Taken in commercial establishments equipped with POS, electronic payment terminals.
POS machines are currently used mainly for payments with credit and debit cards, but they will soon be able to function as ATMs for withdrawing money. But there are two problems that need to be solved first: the 2007 anti-money laundering regulations and the security of business entities. Let’s go in order.
Stores’ POSs become ATMs
A law that will allow commercial businesses with POS devices to provide cash to customers and solve the problem of closing many bank branches, especially in the innermost and most disadvantaged regions of the country, at risk of desertification, appears in the budget. Finding an ATM to withdraw money, especially in tourist areas, turns into a real treasure hunt; Residents have to travel many kilometers to use this service. Thanks to this rule, all stores with POS and payment by electronic card will be able to operate as cash withdrawal ATMs, so to speak, ATMs (this is not a requirement). Qualification can be granted to all commercial organisations, but we are thinking above all of supermarkets and tobacconists.
Maximum ceiling 250 euro
The maximum withdrawal limit is 250 euros; This limit is also determined in case of withdrawing money from an ATM other than your bank’s ATM, where anti-money laundering checks are not possible. What about controls? It will remain the responsibility of the operator providing the POS to the member business and the operator providing the credit card or debit card. Thus, thanks to the amendment made in the anti-money laundering law in 2007, POS will be able to be equalized with ATMs.
All that remains is to solve another problem related to the security of commercial establishments, since they will certainly be at greater risk of robbery. This could deter many initiatives and ruin the entire plan, which, as the maneuver states, aims to “facilitate access to payment services, with particular reference to inland areas and the risk of desertification.”
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
