Irish financial technology provider FEXCO is partnering with Manila-based Electronic Network Cash Tellers (ENCASH) to bring mobile cash withdrawals to the Philippines.
The deal will see FEXCO’s EasyDebit solution reach more than 75m BancNet card holders through ENCASH’s customer network.
Consumers will be able to withdraw cash using an ATM card at accredited merchants using a mobile point-of-sale (mPOS) such as payment and remittance centres, retailers, rural banks and cooperatives.
The partnership is intended to provide access to money in the region which is still dependent on cash purchases but underserved by ATMs. The companies claim that 95% of all transactions are still made by cash but with less than 19,000 ATMs for more than 100m people, ATM penetration is only 23%, compared to the 70% global average.
“In the area of Negros Occidental, for example, in Central Philippines, it takes over 4 hours to travel to the nearest ATM making access to cash extremely difficult for people there,” said Denis McCarthy CEO, FEXCO. “EasyDebit will reduce reliance on ATM’s and encourage financial inclusion, a core value of FEXCO.”
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