January 09, 2018
FEXCO – one of the world’s leading independent financial technology providers has today announced a partnership with ExpressPay, one of the leading providers of payment services in the Philippines. The collaboration will see FEXCO’s EasyDebit microATM solution (EasyDebit), the country’s first-ever mobile cash withdrawal solution, extended to an additional 1million people through the extensive ExpressPay network.
Launched last year, EasyDebit is a unique service that uses a PIN Entry Device and a mobile phone to allow customers to withdraw cash using their ATM card through a network of local accredited merchants including payment and remittance centres, retailers and rural banks - instead of having to travel to an ATM.
Currently, the EasyDebit solution serves over 75million cardholders, allowing them easier access to cash across the Philippines, a country significantly underserviced by an ATM network. Today’s announcement significantly extends the reach of the EasyDebit solution through ExpressPay’s network of stand-alone branches, cooperatives and mixed branches including convenience stores, internet cafes and general retailers.
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.
Speaking about the launch, Denis McCarthy CEO, FEXCO commented, “We are excited to announce this partnership with ExpressPay today. This collaboration will allow us to further extend EasyDebit to even more remote and difficult to access regions of the country, promoting financial inclusion - a value consistently championed by ExpressPay.”
ExpressPay Director David Mascenon remarked, “At ExpressPay, it is of paramount importance that our projects promote a positive social impact, as well as being financially sustainable. Our customers will benefit hugely from this partnership as we can bring the latest in financial technology directly to them. I am delighted to announce this partnership with FEXCO, one which I am confident will continue to promote financial inclusion for underserved and unbanked Filipinos.”
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. EasyDebit microATM 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.