Seven Bank to install cash-recycling ATMs in Philippine 7-Eleven stores
MANILA, NNA - Catering to the demand for convenient banking services, Philippine Seven Corp. (PSC), the franchise holder of 7-Eleven stores in the Philippines, has partnered with PITO AxM Platform Inc. (PAPI) to offer new Automated Teller Machines (ATMs) that can facilitate both cash deposits and withdrawals in all its outlets.
The cash-recycling machines will be deployed in 7-Eleven stores over the next few years starting from June. The Philippines is the first country outside of Japan to have the Seven Bank’s recycling ATMs, which will dispense banknotes deposited by 7-Eleven stores and customers of PAPI partner banks round-the-clock, said PSC in a statement issued on Feb. 10.
The largest convenience chain in the Philippines with a total of 2,864 stores as of Dec. 31, 2019, 7-Eleven has withdrawal-only ATMs in some of its stores currently.
PAPI is a local branch of Japan-based financial institution Seven Bank Ltd., a subsidiary of Seven & I Holdings Co., the parent company of 7-Eleven Japan. Seven Bank operates 25,152 ATMs in convenient locations across Japan, such as 7-Eleven stores, airports and train stations.
"With the steady growth of the Philippine economy, the number of bank accounts and the volume of financial transactions have also been increasing, which in turn has resulted in higher demand for ATMs. Seeing this as an opportunity, PSC partnered with PAPI to address this need and provide more convenient options for customers," said PSC in its statement.
Basic ATM services will be offered first before the rollout of any new services and innovative solutions. In 2019, Seven Bank began deploying ATMs with facial recognition feature that enables customers in Japan to open a bank account on the spot.
On the alliance with PAPI, PSC President and CEO Jose Victor Paterno said in the statement, “There has never been a better time to formalize this collaboration than today, as a growing and increasingly digitized economy provides demand for digitizing cash, as the rapid growth in our Cliqq payment business has shown."
Elaborating on the popularity of Cliqq payment machines at 7-Eleven stores in the Southeast Asian country, he said, "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 6 million downloads of our Cliqq app."
The total number of ATMs in the Philippines stood at 21,437 as of the third quarter of 2019, a 1.6 percent increase from the 21,095 recorded in the same period of 2018, according to data from Bangko Sentral ng Pilipinas.
The number of Filipinos with formal bank accounts, however, has remained low though increasing at 35.4 percent in 2017, up from 31.3 percent in 2014, according to World Bank figures cited in the Philippine central bank financial inclusion report.