No bank in sight? Go to 7-Eleven stores

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If you don’t see any bank in sight, don’t fret.

You don’t need to go far anymore and brave the searing summer heat just to go to a bank ATM and transact. Do everything with ease, either cash withdrawal and balance inquiry via ATM at 7-Eleven stores in Metro Manila and Cavite starting this month.

This idea of convenience for the banking public was made possible by Philippine Seven Corporation (PSC), the exclusive licensor of 7-Eleven in the Philippines, in partnership with Pito AxM Platform, Inc. (PAPI), a Philippine subsidiary of Seven Bank, Ltd. of Japan (Seven Bank). The idea of PSC was to provide convenient banking services to the public with innovative cash-recycling ATMs operated by PAPI.

The ATMs in 7-Eleven operated by PAPI are cash-recycling ATMs, which means customers can withdraw or deposit cash in real-time with any of its partner banks. Customers can now withdraw cash while the deposit functionality of the ATMs will be activated in the near future.  The ATMs also have a unique feature of adapting the customer interface screen to that of the partner bank and thus providing a familiar, easy-to-use interface for users.

Initially, BDO Unibank account holders can withdraw cash and perform balance inquiries free of charge from the ATMs in 7-Eleven stores. Other bank account holders, through Bancnet, can also perform withdrawal and balance inquiry transactions, though these will be subject to ATM fees charged by their banks.

Expansion is also in the offing as PAPI hopes to expand the number of partner-banks in the near future. This is to provide more convenient and cost-efficient banking services to more customers.

By the first week of March, customers can already conduct their bank transactions in more than 30 7-Eleven stores in the National Capital Region (NCR). PAPI and PSC are looking at installing ATMs in at least 320 stores by the end of the first half of 2021. This will gradually increase throughout the year to be able to cover majority of 7-Eleven stores in the future.

Pito AxM Platform, Inc. (PAPI) was established in April 2019 by Seven Bank, which operates more than 25,000 ATMs in Japan, in order to promote its ATM business in the country. In February 2020, PAPI partnered with PSC to install, operate, and maintain ATMs at 7-Eleven stores in the Philippines.

As of December 31, 2020, PSC counts 2,978 stores operating in the entire Philippines, making it the largest convenience store network in the country.

To know which 7-Eleven stores have ATMs, visit https://www.7-eleven.com.ph/whatsnew/atms-in-7-eleven-list-of-stores/.

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