Mastercard offer UK retailers over the counter cashback

Mastercard is introducing a new service which will offer UK retailers a fee for processing cashback transactions over the counter.

Local shops and businesses will earn a fee of 12 pence every time they dispense cash to a shopper paying with a Mastercard debit card.

Mastercard says all of its debit card issuing partners will take part in the scheme, including: Clydesdale Bank, Metro Bank, Monzo, N26, Starling Bank, Virgin Money, Yorkshire Bank and starting later this year Santander

The initiative is due to launch in April 2020.