Turkmen Banks to Introduce Cashback Service

BUSINESS TURKMENISTAN
Turkmen Banks to Introduce Cashback Service
A Cashback is an incentive program operated by banks and card companies where a percentage of the amount spent via debit or credit card is paid back to the card holder.

Chairman of the Supreme Audit Chamber of Turkmenistan Gadyrgeldi Mushshikov briefed on the results of the analysis conducted on the issue of introducing the Cashback service by the country's banks at the meeting of the Cabinet of Ministers of Turkmenistan on November 15.

The President of Turkmenistan Gurbanguly Berdimuhamedov noted the introduction of Cashback in the domestic banks is designed to help strengthen their competitive advantages and actively attract payment card users. Turkmen Leader then addressed the relevant leaders with a number of instructions on ensuring legislative regulation of relations arising from the provision of this service.

A Cashback is an incentive program operated by banks and card companies where a percentage of the amount spent via debit or credit card is paid back to the card holder.