7-Eleven operator rolls out ‘cash-recycling’ ATMs in its stores

Philippine Seven Corp. (PSC), the exclusive licensor of 7-Eleven in the Philippines, said Friday it has begun installing “cash-recycling” automated teller machines (ATMs) in some of its stores.

In a disclosure to the Philippine Stock Exchange, PSC said it partnered with Pito AxM Platform Inc. (PAPI), a Philippine subsidiary of Seven Bank, Ltd. of Japan (Seven Bank), for the project.

The company said cash-recycling ATMs accept cash deposits via high-speed bill readers and then dispense those same bills for withdrawals.

More than 30 ATMs are operational to date and a total of 320 units will be installed by June.

This partnership shall constitute the largest cash-recycling ATM network in the country, PSC said.

The 7-Eleven operator said PAPI has partnered with BDO Unibank Inc. to allow the Sy-led bank’s account holders can withdraw and perform balance inquiries free of charge from the ATMs in 7-Eleven stores “and will soon be able to use the deposit function that 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,” it said.

PAPI is planning to expand the number of partner banks in the near future to allow more convenient and cost-efficient banking services to more customers, with the customer interface screen adapting to that of the partner bank and thus providing a familiar interface.

"Cash-recycling ATMs are standard in Japan, because it reduces the need to deliver cash and provides a reliable and convenient experience for receiving deposits. There are few of them in the Philippines, because they are considerably more expensive than withdrawal only ATMs,” said Jose Victor Paterno, CEO of PSC.

“If the model proves financially viable for both ourselves and Seven Bank, we would like to see these machines in all stores very soon,” Paterno added.

“We have seen the increased demand for ATM access in the Philippines, especially under the current environment. By installing ATMs in 7-Eleven stores, we hope to make access to cash more convenient for numerous Filipinos and play our part in increasing financial inclusion,” said Tsuneo Nagashima, president and director of PAPI.

Seven Bank, which operates more than 25,000 ATMs in Japan, established PAPI in April 2019 to promote its ATM business in the country.

In February 2020, PAPI entered a business alliance with PSC, intending to install, operate, and maintain ATMs at 7-Eleven stores in the Philippines.

PSC operates the largest convenience store network in the country. It has 2,978 7-Eleven stores in the Philippines as of December 31, 2020.

For more information on where to find the ATMs, click this link. -MDM, GMA News