PSC, together with Seven Bank’s subsidiary Pito AxM Platform Inc. (PAPI), had already deployed more than 30 ATMs which accept cash deposits via high-speed bill readers and dispenses banknotes.
PSC, the exclusive licensor of 7-Eleven in the Philippines, had 2,978 stores in the Philippines as of December last year.
” 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. We also have several stores in small towns without bank branches or even ATMs, so this would both reduce our cash handling costs, which have increased as our payments business has grown, and reduce the need for the community to travel to access an ATM at the same time,” said Jose Victor Paterno, CEO of PSC.
PAPI has entered into an alliance with BDO Unibank Inc., in which the bank’s account holders can withdraw and perform balance inquiries free of charge from the ATMs in 7-Eleven stores.
BDO depositors may also soon be able to use the deposit function which is currently limited to 7-Eleven store cash only.
Other bank account holders through BancNet can also do withdrawal and balance inquiry transactions subject to the ATM fees charged by their issuing banks.
PAPI plans to gradually expand the number of partner banks to allow more convenient and cost-efficient banking services to more customers.
Seven Bank, which operates more than 25,000 ATMs in Japan, established PAPI in April 2019 to promote its ATM business in the country.