Philippine Seven Corporation Alliance with Pito AxM Platform, Inc Began Installing Cash Recycling ATMs
March 05, 2021 at 12:01 am EST
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Philippine Seven Corporation (PSC), the exclusive licensor of 7-Eleven in the Philippines, in alliance with Pito AxM Platform Inc. (PAPI) began installing cash recycling ATMs, which accept cash deposits via high-speed bill readers and then dispense those same bills for withdrawals, in select 7-Eleven stores in Metro Manila this February. More than thirty (30) ATMs are operational to date and a total of 320 units will be live by June. This partnership shall constitute the large cash-recycling ATM network in the country. As of this publication, PAPI has partnered with BDO Unibank Inc. (BDO). BDO account holders can withdraw and perform balance inquiries free of charge from the ATMs in 7-Eleven stores and will soon be able to use the deposit function that is currently limited to 7-Eleven store cash only. Other bank account holders through BancNet can also do withdrawal and balance inquiry transactions subject to the ATM fees charged by their issuing banks. PAPI plans to expand the number of partner banks in the near future to allow more convenient and cost-efficient banking services to more customers, with the customer interface screen adapting to that of the partner bank and thus providing a familiar interface. In February 2020, PAPI struck a business alliance with PSC, intending to install, operate, and maintain ATMs at 7-Eleven stores in the Philippines.
Philippine Seven Corporation is a Philippines-based company, which operates 7-Eleven stores. The Company is primarily engaged in the business of retailing, merchandising, buying, selling, marketing, importing, exporting, franchising, acquiring, holding, distributing, warehousing, trading, exchanging or otherwise dealing in all kinds of grocery items, dry goods, food or foodstuff, beverages, drinks and all kinds of consumer needs or requirements and in connection therewith, operating or maintaining warehouses, storages, delivery vehicles and similar or incidental facilities. It is also engaged in the management, development, sale, exchange, and holding for investment or otherwise of real estate of all kinds, including buildings, houses and apartments and other structures. It sells its developed or own branded products or services under various trademarks, including Big Time Meals, Busog Meals, Chef Creations, Crunch Time, Hottarice and others.