PSC ramps up ATM installations
Philippine Seven Corp. (PSC), the exclusive licensor of 7-Eleven in the country, said it has activated a total of 1,500 cash-recycling ATMs nationwide in partnership with PitoAxM Platform, Inc. (PAPI), the local subsidiary of Seven Bank, Ltd. of Japan.
PSC President and CEO Jose Victor Paterno said the 1,500th ATM is located in Casa Mira, Cebu City. PSC plans to have 150 cash machines operational in Cebu by the end of June 2022.
Paterno further said that together with PAPI they plan to deploy 1,500 additional cash machines by the end of 2022, aiming to cover the majority of over 3,100 7-Eleven stores nationwide.
“We have aggressively expanded the 7-Bank ATM network in Metro Manila and Luzon during the pandemic. This 2022, we reach another milestone as we set foot in Cebu, signaling our further expansion of ATMs in Visayas and Mindanao,” said Paterno and Masanori Sakaguchi, President of PAPI, stated “We are very happy to serve our precious customers in Visayas, and the ones in Mindanao very soon. We hope everybody appreciates our sophisticated ATM services imported from Japan.”
PAPI also introduces Land Bank of the Philippines as its newest partner bank. Land Bank customers can now enjoy free transactions on ATMs at 7-Eleven stores beginning May 23.
Besides Land Bank, PAPI has a partnership with BDO, the largest bank in the Philippines, to accommodate free cash withdrawals by its cardholders. Meanwhile, other bank account holders may transact through BancNet, with a P10 transaction fee. More partner banks will be announced soon, said PAPI.
ATMs at 7-Eleven stores are cash-recycling machines. The ATMs also have a unique feature of delivering the ATM interface depending on the customer’s bank, providing familiarity and ease of use.
Lawrence De Leon, Head of Finance at PSC, said the ATMs provide an innovative solution to the cash handling requirements of 7-Eleven stores nationwide. “The sales are deposited by our store operators and the ATMs “recycle” the cash to fund withdrawals of the customers of the different banks. This creates a lot of value to our customers because of the convenience of having ATMs available 24/7 in a safe and secured location. The ATMs also provide flexibility in cash management since deposits are immediately credited to PSC’s corporate bank account,” De Leon added.
PSC partnered with PAPI in February 2020 to equip all 7-Eleven stores with cash-recycling ATMs.