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FEXCO & ENCASH Partner to Launch EasyDebit Solution in the Philippines
MANILA, Philippines and DUBLIN, August 9, 2016 /PRNewswire/ --
The country's first mobile cash withdrawal solution will improve accessibility for
over 75million cardholdersÂ
FEXCO [http://www.fexco.com ] - one of the world's leading independent financial
technology providers has today announced a partnership with Electronic Network Cash
Tellers [http://www.encash-ph.com ], 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.
(Photo:
http://photos.prnewswire.com/prnh/20160809/396786 )
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 [http://easydebitasia.com ] 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. Â 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."
Photo:
http://photos.prnewswire.com/prnh/20160809/396786
Photo:http://photos.prnewswire.com/prnh/20160809/396786
http://photoarchive.ap.org/
Photo:http://photos.prnewswire.com/prnh/20160809/396786
http://photoarchive.ap.org/
FEXCO
CONTACT: Maria McGrath, Head of Communications FEXCO |+353861653055| mmcgrath@fexco.com ENCASH is headquartered in Makati City, Metro Manila, Philippines. For more information, please visit http://www.encash-ph.com or call +6328925092.
FEXCO & ENCASH Partner to Launch EasyDebit Solution in the Philippines
MANILA, Philippines and DUBLIN, August 9, 2016 /PRNewswire/ --
The country's first mobile cash withdrawal solution will improve accessibility for
over 75million cardholdersÂ
FEXCO [http://www.fexco.com ] - one of the world's leading independent financial
technology providers has today announced a partnership with Electronic Network Cash
Tellers [http://www.encash-ph.com ], 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.
(Photo:
http://photos.prnewswire.com/prnh/20160809/396786 )
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 [http://easydebitasia.com ] 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. Â 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."
Photo:
http://photos.prnewswire.com/prnh/20160809/396786
Photo:http://photos.prnewswire.com/prnh/20160809/396786
http://photoarchive.ap.org/
Photo:http://photos.prnewswire.com/prnh/20160809/396786
http://photoarchive.ap.org/
FEXCO
CONTACT: Maria McGrath, Head of Communications FEXCO |+353861653055| mmcgrath@fexco.com ENCASH is headquartered in Makati City, Metro Manila, Philippines. For more information, please visit http://www.encash-ph.com or call +6328925092.