Philippine Seven Corp. (PSC) said it is targeting to install 320 cash-recycling ATMs in its 7-Eleven stores around the country within the first half of 2021.
PSC, the exclusive licensor of 7-Eleven in the Philippines, told the stock exchange it has already installed more than 30 cash-recycling ATMs in select convenience stores in Metro Manila last month.
Cash-recycling ATMs can accept cash deposits via high-speed bill readers and then dispense those same bills for withdrawals.
“There are few (cash-recycling ATMs) in the Philippines, because they are considerably more expensive than withdrawal-only ATMs. Seven Bank’s model of allowing several banks to share the ATMs so that more customers could use them without fees, and then installing them in a safe and convenient location like our stores made tremendous sense for us, which is why we have been wooing them for several years now,” PSC Chief Executive Officer Jose Victor P. Paterno said in a statement.
Once the 320 ATMs are installed, PSC said this would become part of the “largest cash-recycling ATM network” in the country.
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