Cashback “suspended” from 30 June – Corriere.it

The State Cashback Program ends here. what was decided, according to various majority sources, during the meeting of the control room at Palazzo Chigi. So there won’t be, at least for now, a second semester and the operation will stop at deadline of June 30th with the payment of the amounts accumulated with the payments of debit and credit cards and with the super prize from 1,500 euros to the major users of electronic money.
From 1 July, that is, at the end of the first semester of full operation of the reimbursement mechanism for expenses made by credit card or other digital payment instruments, the program invented by the Conte government will therefore be suspended, with little chance of being resumed in the future.

Incentive to use ATMs and credit cards

The Cashback mechanism was conceived by the yellow-red M5S-Pd government to encourage the use of ATMs and credit cards, providing for the return to the current account of up to 150 euros every six months for those who, in the same period, had made at least 50 electronic payments. Obviously, the cashback for the first half of 2021 will be paid.
Nothing changes for those who have accrued the right to the prize: the accreditation procedure for the accumulated refunds will start from 1 July. To date, there are 7.86 million citizens with valid transactions for a total of 726 million transactions processed and 5.9 million people have already met the requirements for state reimbursement (at least 50 valid transactions with electronic money).


The government’s doubts and the criticisms of the ECB

The Prime Minister, Mario Draghi, had never really digested the cashback mechanism (and the expenses that burden the State accounts: the estimate for the whole of 2021 of 1.75 billion for the allocation of reimbursements and the coverage of expenses).
Even the European Central Bank had criticized the measure and there had already been cases of abuse of the instrument with cunning people who divided the same payment into several operations to be entitled to the maxi final reimbursement (we remind you that there are 1,500 euros at stake for the first hundred thousand adherents. of the ranking of the major uses of cards and ATMs).

What is cashback: rules and prizes

8.9 million citizens have signed up for cashback, with a total of 784.4 million transactions processed and 16.4 million payment instruments activated.
Remembering the rules, the Cashback is a refund given by the State of 10% of all expenses made with an electronic payment, excluding those online: up to a maximum of 150 euros with 50 minimum transactions. The state’s first Cashback program was the Christmas Extraordinary; then on January 1st the standard came into force which, on an experimental basis, lasting six months in six months, was to last until June 2022.

How long does it last?

Each cashback program was to last 6 months. But the stop decided on Monday 28 June by the government concludes the operation on 30 June: Wednesday will therefore be the last valid day to pay by debit or credit card and be entitled to a 10% refund. In the month of July, the reimbursement amounts and the Super-cashback will be credited to those who are entitled to it.

What is the Super-cashback?

There is also a premium of 1,500 euros – the Super cashback – given at the end of the 6 months of purchases for the 100,000 citizens with the highest number of transactions. On the app IO, where the cashback is loaded, the ranking with the user’s position is shown: yesterday, 702 transactions were needed to get back into the first 100,000 users.

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