MANILA - Select branches of convenience store chain 7-Eleven will house cash-recycling ATMs to provide banking services to consumers, its local operator Philippine Seven Corp said Friday.
At least 320 in-store "cash-recycling" ATMs similar to those in Japan will be installed in the first half of 2021, the company said in a disclosure to the stock exchange.
Cash-recycling ATMs accept cash deposits via high-speed bill readers and dispense the same bills for withdrawals.
Its license holder Philippine Seven Corp said it began installing the ATMs "in alliance" with Pito AxM Platform Inc (PAPI), a Philippine subsidiary of Seven Bank Ltd of Japan.
Several of these machines have been installed in 7-Eleven stores in Metro Manila in February. At least 30 ATMs are in operation, while all 320 will go online by June, Philippine Seven said.
"Cash-recycling ATMs are standard in Japan because it reduces the need to deliver cash and provides a reliable and convenient experience for receiving deposits," Philippine Seven Corp CEO said Jose Victor Paterno.
"Seven Bank’s model of allowing several banks to share the ATMs so that more customers could use them without fees, and then installing them in a safe and convenient location like our stores made tremendous sense for us, which is why we have been wooing them for several years now," he added.
BDO Unibank holders can withdraw or perform balance inquiry for free while other bank account holders can withdraw through BancNet subject to fees charged by their issuing bank, the company said.
Paterno said if financially viable, these machines could be installed in all 7-Eleven stores. The group is also eyeing partnership with other banks in the future.
“By installing ATMs in 7-Eleven stores, we hope to make access to cash more convenient for numerous Filipinos and play our part in increasing financial inclusion,” said PAPI President and CEO Tsuneo Nagashima.
Seven Bank operates over 25,000 ATMs in Japan. Philippine Seven Corp, meanwhile, has 2,978 stores in the country as of the end of 2020.