7-Eleven ATMs in the Philippines has cash-recycling, aims zero-fee service - Android

The announcement was made by the chain’s local operator, Philippine Seven Corp. As per the company, the ATMs will have a cash-recycling feature, similar to what its Japanese counterpart has.

Cash-recycling means it can dispense the same bills it accepts as cash deposits when a customer withdraws money. Each machine will have high-speed bill readers. This reduces the need to deliver cash on each machine.

The Philippine Seven Corp. is rolling this service in partnership with Pito AxM Platform Inc. (PAPI), a local subsidiary of Japan’s Seven Bank LTD.

What’s more interesting is, Seven Bank’s model will allow multiple banks to utilize these machines, so more users can use them without fees.

BDO Unibank holders can withdraw and inquire balance for free. Albeit, holders of other bank accounts can withdraw via BancNet, which are subject to fees from their issuing banks.

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About 30 ATMs have already been rolled out in select locations in Metro Manila last February 2021. By June, Philippine Seven said that 320 machines would go live. You can check the list of branches here.

As of the end of 2020, the Philippine Seven Corp already operates 2,978 7-Eleven branches across the Philippines. Meanwhile, Seven Bank has over 25,000 ATMs in Japan. With that, we shall expect all 7-Eleven locations in the Philippines to have ATMs in the future.

This article, 7-Eleven ATMs in the Philippines has cash-recycling, aims zero-fee service, was originally published at NoypiGeeks | Philippines Technology News, Reviews and How to's.