Filtered By: Money

7-Eleven Philippines to put up Seven Bank ATMs in stores by 2020

Philippine Seven Corp. (PSC) — the franchise holder of 7-Eleven in the Philippines — on Thursday announced plans to put up automated teller machines (ATMs) in its outlets through Seven Bank Ltd.

At a press conference in Pasig City, PSC president and CEO Jose Victor Paterno said the company is now looking at putting up ATMs that could also accept deposits.

"There's a lot of interest in banks to take deposits, but banks don't move very quickly in terms of systems integration. Those ATMs can hopefully (come) sooner rather later," he explained.

Paterno said the ATMs will most likely be through the Seven Bank Ltd., a subsidiary of Seven & I Holdings Co. Ltd., the franchise holder of 7-Eleven in Japan.

"We really want the Seven Bank," he said, noting that the Philippines will be the second market of the bank which already has 21,000 ATMs under its portfolio.

"They have to line up agreements with the (other) banks also, and connections," he added, noting that this will probably come into fruition by 2020.

According to Paterno, plans to put up ATMs came given the large cash flow in its stores given its bill service payments service, as well as the loan payments for Home Credit and Cashalo accepted in 7-Eleven stores.

"The money we collect every day is more than sales," he said. — MDM, GMA News