Philippine Seven Corp. has started rolling out automated teller machines (ATMs) in its 7-Eleven stores, with an initial 30 mostly in Metro Manila and to reach 320 by June.
The ATMs, operated in partnership with Pito AxM Platform Inc. (PAPI), a Philippine subsidiary of Seven Bank Ltd. of Japan, accept cash deposits and cash withdrawals. .
“This partnership shall constitute the largest cash-recycling ATM network in the country,” Philippine Seven said.
Cash-recycling ATMs are a standard in Japan because they reduce the need to deliver cash.
There are few of them in the Philippines because they are considerably more expensive than withdrawal-only ATMs.
“ If the model proves financially viable for both ourselves and Seven Bank, we would like to see these machines in all stores very soon,” said Jose Victor Paterno, Philippine Seven chief executive officer.
Paterno said PAPI has so far partnered with BDO Unibank Inc. for the ATM service, allowing BDO account holders to withdraw and perform balance inquiries free of charge from the ATMs in 7-Eleven stores.