Irish financial services firm Fexco has collaborated with Electronic Network Cash Tellers (ENCASH) to launch the mobile cash withdrawal solution in the Philippines.
The solution, known as Fexco EasyDebit solution, will facilitate cash withdrawal and improve accessibility for more than 75 million BancNet cardholders across the country, according to Fexco.
The solution uses a mobile point of sale (or mPoS Pin Entry Device) and a mobile phone that enables users to withdraw cash using their ATM card at any number of local accredited merchants including; payment and remittance centres, retailers, rural banks and cooperatives.
Fexco CEO Denis McCarthy said: “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."
Designed as a plug & play solution, EasyDebit offers additional revenue source and needs little installation on the side of the merchant who needs only to download the EasyDebit mobile app.
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Fexco EasyDebit is also safe and secure as 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.