The Philippines will soon have access to their first mobile cashMoney in physical form such as banknotes and coins. More withdrawal solution following a partnership between Fexco and Encash.
In a country where 95% of all transactions are carried out in cash but where only 19,000 ATMs are available to a population of 100 million, this solution will be a blessing to many. In fact, some Filipinos find themselves commuting up to 4 hours only to access an ATM.
The partnership will allow 75 million BancNet customers to withdraw cash at any accredited location which includes retailers, cooperatives and rural banks. The solution is very easy to integrate for merchants – they simply need to download the dedicated mobile app – and will offer them an additional revenue opportunity.
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