Philippine Seven Corp., the exclusive licensor of 7-Eleven in the Philippines, said Friday it rolled out automated teller machines in their stores.
PSC said in a disclosure to the stock exchange it teamed up with Pito AxM Platform Inc., a Philippine subsidiary of Seven Bank Ltd. of Japan, to begin installing cash recycling ATMs in select 7-Eleven stores.
The ATMs accept cash deposits via high-speed bill readers and then dispense those same bills for withdrawals. About 30 ATMs are now operational and 320 units will be in operations by June.
PSC chief executive Jose Victor Paterno said cash-recycling ATMs are standard in Japan because it reduces the need to deliver cash and provides a reliable and convenient experience for receiving deposits.
He said in the Philippines, there were only few cash recycling ATMs because they are considerably more expensive than withdrawal only ATMs.
