Fexco and Encash partner for Philippines “first-ever” mobile cash withdrawal
Denis McCarthy CEO, Fexco
Ireland-based Fexco has teamed with Electronic Network Cash Tellers (Encash) to launch the “first-ever” mobile cash withdrawal solution in the Philippines.
Through Encash’s customer network, Fexco says its EasyDebit solution will be able to serve 75 million BancNet cardholders, allowing them “easier access” to cash across the Philippines.
Fexco says the Philippines is a cash-centric culture where more than 95% of all transactions are completed with the “Peso in hand”. It says the national ATM penetration rate of 23% is “significantly lower” than the global average (over 70%).
Denis McCarthy CEO, Fexco, says: “In the area of Negros Occidental, for example, in Central Philippines, it takes over four 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.”
Fexco EasyDebit uses a mobile point of sale (mPOS) 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 co-operatives instead of having to travel to an ATM.
Fexco adds that its “plug and play” solution provides an additional revenue opportunity and the merchant just needs to download the EasyDebit mobile app.
It says there is no average daily balance or minimum transaction required to deploy the service which merchants can use through a rent-to-own scheme.
The PIN is never stored to the mobile phone and the mPOS is accredited to security standards – namely PCI DSS and EMV Level 1 and 2 compliant.
