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Business

Japan’s Seven Bank expands Philippine presence

Lawrence Agcaoili - The Philippine Star

MANILA, Philippines — A subsidiary of Tokyo-based Seven Bank Ltd. is partnering with major banks in the Philippines as it continues to deploy automated teller machines (ATMs) in 7-Eleven branches nationwide.

Seven Bank’s Pito AxM Platform Inc. (PAPI) has partnered with BDO Unibank Inc. and state-run Land Bank of the Philippines to accommodate free cash withdrawals.

Under the partnership, clients of BDO can make withdrawals from ATMs deployed at 7-Eleven stores free of charge.

Likewise, Landbank customers started enjoying free transactions on ATMs at 7-Eleven stores nationwide last May 23.

PAPI said that other bank account holders may transact through BancNet, with a P10 transaction fee.

The Philippine arm of the Tokyo-based bank intends to announce more partner banks soon.

ATMs at 7-Eleven stores are cash-recycling machines. The ATMs also have a unique feature of delivering the ATM interface depending on the customer’s bank, providing familiarity and ease of use.

“We are very happy to serve our precious customers in Visayas, and the ones in Mindanao very soon. We hope everybody appreciates our sophisticated ATM services imported from Japan,” PAPI president Masanori Sakaguchi said.

Philippine Seven Corp. (PSC), the exclusive licensor of 7-Eleven in the Philippines, and PAPI have activated 1,500 cash-recycling ATMs nationwide as it aims to cover the majority of over 3,100 stores nationwide.

PSC president and CEO Jose Victor Paterno said the partnership has aggressively expanded the 7-Bank ATM network in Metro Manila and Luzon to make safe and convenient banking accessible to more Filipinos during the pandemic.

“This 2022, we reach another milestone as we set foot in Cebu, signaling our further expansion of ATMs in Visayas and Mindanao,” Paterno said.

The tie up activated its 1,500th cash-recycling ATM in Casa Mira, Cebu City as it aims to have 150 cash machines operational in Cebu by the end of June.

PSC and PAPI plan to deploy 1,500 additional cash machines by the end of 2022.

Lawrence de Leon, head of finance at PSC, said the ATMs provide an innovative solution to the cash handling requirements of 7-Eleven stores nationwide.

“The sales are deposited by our store operators and the ATMs recycle the cash to fund withdrawals of the customers of the different banks. This creates a lot of value to our customers because of the convenience of having ATMs available 24/7 in a safe and secured location. The ATMs also provide flexibility in cash management since deposits are immediately credited to PSC’s corporate bank account,” De Leon said.

PSC partnered with PAPI in February 2020 to equip all 7-Eleven stores with cash-recycling ATMs.

BDO

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