Philippine Seven Corp., the local franchise holder of convenience store chain 7-Eleven, teamed up with the local unit of Japan’s Seven Bank to put up automated teller machines in 7-Eleven stores across the country.
PSC said in a disclosure to the stock exchange Monday it signed an agreement with PITO AxM Platform Inc., the local subsidiary of Seven Bank, to equip 7-Eleven stores with ATMs that can facilitate both real-time cash deposits and withdrawals.
PSC was operating 2,864 7-Eleven stores across the country as of end-December 2019.
Under the agreement, the ATMs will be deployed within 7-Eleven stores staring this June and are expected to be in all stores in the next few years.
Among the features of the ATMs is a cash recycling function that enables the machine to dispense banknotes deposited by the 7-Eleven stores and customers of PAPI partner banks. All ATM cardholders will benefit from the ATMs 24 hours a day, 7 days a week.
“Both PSC and Seven Bank have believed in the potential for sustainable financial inclusion presented by recoiling ATMs in 7-Eleven stores all across the Philippines for some time.