Euronet to expand presence in Philippines

MANILA, Philippines — US-based Euronet Worldwide Inc. is expected to more than double its footprint in the Philippines as it expands its partnership with Ayala-led Bank of the Philippine Islands.

Euronet, an American provider of global electronic payment services, said it is expanding its ATM network in Southeast Asia, including in the Philippines, to cater to more customers who are still cash-reliant.

Euronet will acquire 500 non-branch ATMs from BPI, on top of the installation of its independent ATMs in the country.

Of the 500 acquired ATMs, Euronet will be fully responsible for managing the 300 ATMs to be integrated in its ATM networks.

Euronet said doing so would more than double its ATM footprint in the country.

On the other hand, the remaining 200 ATMs would continue to operate under the BPI brand with end-to-end operations outsourced to Euronet.

BPI customers will not be charged for using the Euronet ATMs following a network participation arrangement. BPI will continue to own and operate more than 2,500 ATMs nationwide.

Euronet chairman and CEO Michael Brown said the firm’s ATM network diversification outside Europe is an important element in their growth strategy.

“This agreement positions us as a catalyst of ATM consolidation with our superior technology, operational services, and extended presence globally,” Brown said.

“The new geographies we entered are already proving to be solid investments, and we will continue to be aggressive in seeking similar opportunities,” he said.

Euronet Asia Pacific managing director Himanshu Pujara, for his part, considers BPI as one of the most reliable financial institutions in the Philippines.

“The ATM estate of BPI is one of the best-managed networks in the country,” Pujara said.

Meanwhile, BPI chief operating officer Ramon Jocson said that Euronet’s global expertise in managing ATM operations would ensure that its clients would continue to have secure and convenient banking through BPI ATMs.