THE consortium BancNet Inc. has partnered with 10 banks for the deployment of so-called points-of-sale (POS) terminals for cash-outs and strategically located in rural banks without automated tellers or ATM machines.
BancNet Vice President for Business Development and Relationship Management Head Natalie Uy said starting this month, 10 member-banks begin deploying POS terminals.
“Banks that are already interested to deploy POS terminals for cash outs include
Landbank of the Philippines [LandBank], the Development Bank of the Philippines [DBP], Bangko Mabuhay, Enterprise Bank and UCPB Savings Bank just to name a few,” she said.
Member-banks will place POS terminals in rural banks that do not have ATM machines. The POS will be deployed in underserved areas. The cost of a single POS is quite prohibitive for the small entrepreneur but its presence in so-called underserved areas are of critical importance.
She said a Citibank client, for instance, who happens to be in a rural area where there are no ATMs may go to a rural bank and use its POS terminal. The rural bank will dispense the money.
“BancNet will pay the rural bank,” she said. She said, they plan to deploy thousands of POS by 2015. This project is part of BancNet’s financial inclusion campaign and help out the government in its Conditional Cash-Transfer Program, as well.
She said BancNet will launch the terminals in October.
Uy, likewise, said terminals compliment the expanded government or e-Gov program, which allow state-owned corporations to service member contributions for the Philippine Health Insurance Corp., Social Security System, Pag-ibig Fund and even loan payments through BancNet online.
BancNet has a wide range of billers that include Meralco, PLDT, Globe Telecoms, the insurance companies, credit cards and many others.