By James A. Loyola
Philippine Seven Corporation (PSC), the exclusive franchise holder of 7-Eleven in the Philippines, will be equipping its stores nationwide with pioneering and innovative Automated Teller Machines (ATMs) that can facilitate both real-time cash deposits and withdrawals.
In a disclosure to the Philippine Stock Exchange, the firm said this is being undertaken through a partnership with PITO AxM Platform, Inc. (PAPI), a local and wholly owned subsidiary of Japan-based financial institution Seven Bank, Ltd.
“Both PSC and Seven Bank have believed in the potential for sustainable financial inclusion presented by recycling ATMs in 7-Eleven stores all across the Philippines for some time,” said PSC President and CEO Jose Victor Paterno.
He noted that, “There has never been a better time to formalize this collaboration than today, as a growing and increasingly digitized economy provide demand for digitizing cash, as the rapid growth in our Cliqq payments business has shown.”
Paterno explained that, “The payments we take in initially provide a steady supply of cash for ATM customers to withdraw, and we look forward to building other services atop the combined infrastructure of nearly 3,000 stores, recycling ATMs, and 6M downloads of our Cliqq app.”
While PSC already has legacy withdrawal-only ATMs in some of its stores, the company said it looks forward to expanding options for its convenience customers.
Under its agreement with PAPI, cash-recycling machines will be deployed in 7-Eleven stores in the Philippines to provide customers with convenient access to ATM services.
The deployment of the ATMs is slated to begin in June this year and is expected to be in all stores in the next few years.
Among the features of the ATMs is a cash recycling function that enables the machines to dispense banknotes deposited by the 7-Eleven stores and customers of PAPI partner banks.
All ATM cardholders can benefit from these ATMs 24 hours a day, 7 days a week.
Seven Bank is a subsidiary of Seven & I Holdings Co., Ltd., the parent company of 7-Eleven Japan. It specializes in providing ATMs in convenient locations across Japan, such as 7-Eleven convenience stores, airports and train stations.
Through PAPI and its partnership with PSC, the Japanese financial institution will be able to bring its range of ATM solutions to the fast-growing Philippine market, its first rollout of recycling ATMs outside Japan.
Both companies will initially offer basic ATM services upon the start of the project, but they are also aiming to provide new services through PAPI’s ATM platform in the future as well.