Cash out coming soon from Mastercard

MasterCard debit cardholders will be able to withdraw cash at purchase points by October next year, pitting the payments provider directly against Eftpos for the first time. It comes almost three weeks after Eftpos Payments revised the pricing structure for processing Eftpos transactions in a bid to fortify the system against the onslaught of MasterCard and Visa debit cards.

More than 5 million credit and debit cards are in circulation that can use MasterCard's PayPass tap-and-go system, while several high-profile chains, including JB Hi-Fi and 7Eleven, have installed the technology.

Source: Herald Sun