7-Eleven rolls out cash recycling ATMs in Manila stores

More than 30 ATMs are operational in the Philippines to date.

7-Eleven has begun installing cash recycling ATMs in select stores in Manila in alliance with Pito AxM Platform (PAPI), a local subsidiary of Japan-based Seven Bank, Philippine Seven Corporation (PSC) said in a press release.

The ATMs accept cash deposits via high-speed bill readers and then dispense those same bills for withdrawals. To date, more than 30 ATMs are operational, and a total of 320 units is planned to be live by June.

The company is looking to install the machines in all stores if the initiative proves to be successful. "There are few of them in the Philippines because they are considerably more expensive than withdrawal-only ATMs,” PSC CEO Jose Victor Paterno said.

So far, BDO account holders can withdraw and perform balance inquiries free of charge from the ATMs, 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.