Fexco – one of the world’s leading independent financial technology providers has today announced a partnership with Electronic Network Cash Tellers, Inc. (Encash) to launch the first-ever mobile cash withdrawal solution in the Philippines.
Through ENCASH’s substantial customer network, the FEXCO EasyDebit solution will soon serve over 75million BancNet cardholders, allowing them easier access to cash across the Philippines, a country significantly underserviced by an ATM network.
The Philippines is a cash-centric culture where more than 95% of all transactions are completed with the Peso in hand. Conversely, the national ATM penetration rate of 23% is significantly lower than the global average (over 70%). There are less than 19,000 ATM’s for over 100million people in the country and the local ATM can often be a bus or ferry journey away.
FEXCO EasyDebit is a unique service that uses a mobile Point of Sale (or mPOS Pin Entry Device) and a mobile phone allowing customers to withdraw cash using their ATM card at any number of local accredited merchants including; payment and remittance centres, retailers, rural banks and cooperatives instead of having to travel to an ATM.
Speaking about the launch, Denis McCarthy CEO, FEXCO commented, “EasyDebit is testament to the innovative culture we have in FEXCO. Not only are we focused on developing the next breakthrough fintech idea but also on building practical solutions that bring real value to our partners the world over. 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. EasyDebit will reduce reliance on ATM’s and encourage financial inclusion, a core value of FEXCO.”
ENCASH CEO Eric Severino remarked, “The ENCASH ATM and RTM network promotes financial inclusion to underserved and unbanked Filipinos. With EasyDebit, ENCASH will be able to provide an additional, far-reaching alternative service to this existing network.”
The ‘plug & play’ solution provides an additional revenue opportunity and requires little installation on the side of the merchant who needs only to download the EasyDebit mobile app. There is no Average Daily Balance or Minimum Transaction required to deploy the service which will be affordable to merchants through a rent-to-own scheme. FEXCO EasyDebit is also safe and secure because the PIN is never stored to the mobile phone and the mPOS is accredited to the highest security standards - PCI DSS and EMV Level 1 & 2 compliant.
Denis McCarthy concluded, “We are extremely proud to launch this truly innovative but also hugely beneficial service today and look forward to extending EasyDebit to Vietnam, Indonesia and Cambodia over the coming years.”