MANILA, The Philippines—Philippine Seven Corp., operator of the county’s 7-Eleven stores, has teamed with a Japan-based banking institution to add innovative automated teller machines (ATMs) to its stores, reports BWorldOnline.com.
The chain is working with PITO AxM Platfrom Inc. on plans to install ATMs that can handle real-time cash deposits and withdrawals. The ATMs will have a “cash recycling” function, allowing them to dispense banknotes deposited by 7-Eleven and PAPI partner bank customers. ATM installations will start in June, and all Philippine stores are expected to have them within a few years.
The addition of “recycling ATMs” to 7-Eleven stores will be the first time the technology has been introduced in the Philippines.
According to Jose Victor P. Paterno, president and CEO of Philippine Seven, “There has never been a better time to formalize this collaboration than today … The payments we take in initially provide a steady supply of cash for ATM customers to withdraw, and we look forward to building other services atop the combined infrastructure of nearly 3,000 stores.”
Philippine Seven had 2,864 7-Eleven stores as of end-December, some of which already have the legacy, withdrawal-only ATMs.