ENCASH, a non-bank ATM deployer, and Ayannah, a fintech-applications provider, recently announced their partnership in launching the Panalo Express SuperPOS, a new product that aims to make electronic financial services more accessible and affordable for both banked and unbanked Filipinos.
The Panalo Express SuperPOS is the very first electronic POS device in the country that allows agents including retailers or enterprising individuals to process both cash in and cash-out services. Through the ATM technology of ENCASH, cash withdrawals will now be possible through the same POS device that can process prepaid mobile “load” top-ups, Smart Padala acceptance and encashment, PayMaya, GCash, WeChatPay and AliPay top-ups, Bayad Center bills payment as well as cash remittance through Panalo Express’ agent network and Ayannah’s growing network of leading remittance companies which now includes LBC, MLhuillier, Tambunting, Raquel Pawnshop and RD Pawnshop.
The Panalo Express SuperPOS will also provide added convenience for retail merchants by providing all-in-one access across all major payment acceptance methods. Retail merchants using the Panalo Express SuperPOS will be able to process Visa and Mastercard credit card and debit card payments via Chip & PIN, PayWave “tap to pay” and process PayMaya, GCash, WeChatPay and AliPay payments by scanning QR codes.
“The SuperPOS gives our growing network of agents the ability to accept all types of electronic payments as well as perform most if not all types of electronic transactions for their customers,” said Ramon Lapez Jr., chair, Panalo Express.
Apart from introducing the SuperPOS, the two companies also agreed to work jointly to make financial products and services such as insurance and credit more accessible and affordable, especially to the majority of Filipinos who are unbanked and who live in the countryside.
“Our idea of consolidating multiple financial transactions that most Filipinos perform on a daily basis and putting them all into one device aligns perfectly with our mission to provide better financial access to developing but unbanked communities,” said Juan Miguel Mapa, president, ENCASH. “Through ENCASH’s membership in the BancNet network, Panalo Express customers are given more options, including withdrawing from their ATM accounts through ENCASH’s ATM sites, Easydebit 700 mPOS, and soon from over 5,000 participating Panalo Express agents nationwide.”