How many transactions it takes to get the first cashback

What you need to know about the reimbursement program to push digital payments, which in June comes to the end of its first semester

Cashback occurs on the PagoPa Io app (photo PagoPa) The first semester of the state cashback is now running out: on Wednesday 30 June the first tranche of the program will end, last hours therefore to reach the minimum number of 50 transactions in the first six months, which guarantees the collection of reimbursements directly on the Iban, accumulated so far one purchase after another at physical stores and supermarkets.

Launched in January as part of the Cashless Italia plan which also includes the receipt lottery, the state cashback has undergone a running-in phase with the " extra ”of Christmas, from 8 December to New Year's Eve. During the first half of 2021 there were 7.8 million users with valid transactions, carried out with electronic methods that include credit and debit cards on enabled circuits, digital payment apps and some large-scale distribution cards. If not suspended or modified sooner, the program should resume for another two semesters, ending in a year.

Three out of four users have reached and exceeded 50 operations so far, 5.9 million people . The credit will be paid within 60 days starting from July 1st with a transfer to the current account number, provided that this has been indicated in the "wallet" section of the Io app at the time of registration or even later, in any case within the expiry date of the semester even in the event of any changes.

The reimbursement for each single transaction is recognized in the order of 10%, but not beyond 15 euros even if the expenditure made exceeds 150 euros and in the same way the calculation of the total cashback cannot exceed 150 euros even if the total outlay exceeds 1,500 euros. For the 100 thousand with the highest number of transactions, however, there is also the super cashback, which recognizes an additional € 1,500 transfer that is the same for all those entitled.

This is the "prize" that enticed the "crafty ones" who with small repeated operations have tried to climb the rankings, putting the credibility of the program at risk. At the moment, 16.2% of electronic transactions are in the 0-5 euro range, 30.3% within the 10 euro range. One out of four transactions is between 25 and 50 euros, the most consistent medium range. The user number 100 thousand in the ranking made 702 valid payments, from January to today.

The super cashback will also be paid directly to the Iban, cumulatively with the basic cashback (150 euros). A participant could therefore potentially obtain 3,300 euros in total over a year, and if two participants are joint holders of the same current account, they will receive their respective reimbursements there together. The refund obtained with the cashback does not contribute to forming the income of the beneficiary and is not subject to taxation.


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Topics

Fintech fiscal Italy Digital payments Tax policy globalData.fldTopic = "Fintech, tax, Italy, Digital payments, Politics, taxes"

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