Turkmen Banks Incentivize Customers to Pay Cashless With Cashback Service

BUSINESS TURKMENISTAN
Turkmen Banks Incentivize Customers to Pay Cashless With Cashback Service
The Cashback service is connected to all Altyn Asyr card holders of the Halkbank and Türkmenistan banks, as well as to the Maestro card holders of the Rysgal bank.

The State Commercial Banks of Turkmenistan Halkbank and Türkmenistan, and the Rysgal Joint-Stock Commercial Bank started offering their clients from January 2 the Cashback service.

The Cashback service is connected to all Altyn Asyr card holders of the Halkbank and Türkmenistan banks, as well as to the Maestro card holders of the Rysgal bank.

According to the information on the banks’ websites, when using bank cards to pay for purchases and services at retail outlets in the country, Türkmenistan bank customers will receive 0.5% cash back, Halkbank customers-1.5% cash back and Rysgal bank customers-3% cash back of the total amount of all purchases.

In addition, the clients of Türkmenistan bank, receiving student allowances, military allowances and state social assistance payments, will receive 1% cash back on all purchases.

Cash back for each month is paid until the 5th day of the following month.

The issue of introducing the Cashback service in the country's banks was considered at a meeting of the Cabinet of Ministers of Turkmenistan on November 15 last year.

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.