Singapore, 19 June 2018 — As part of continued efforts to elevate customer convenience through digital transformation, 7-Eleven is pleased to partner with FinTech start-up, soCash, to offer cash withdrawal via the latter’s mobile app. This cardless cash withdrawal service has been available at all 7-Eleven stores from 1 June 2018.
The collaboration will see soCash’s proprietary digital cash circulation platform integrated into 7-Eleven’s retail network of more than 370 stores island-wide. This will enable customers to effortlessly withdraw money, with the condition of any in-store purchase, while using just their soCash app on their smartphone.
The app, which was launched by soCash in 2017, works by selecting the amount they wish to withdraw via its mobile app and selecting a nearby 7-Eleven store to collect cash. The cashier will then scan the unique QR code on the mobile app without the need for an ATM card or a PIN code. The service is secure, convenient and available around the clock and provides access to “cardless” cash withdrawal network for the following banks – POSB, DBS and Standard Chartered.
To encourage the digital savvy consumer to sign up for this service, soCash is offering an attractive incentive of $5 cash back for new users.
7-Eleven’s collaboration with soCash enables Singapore’s leading convenience retail chain to further enhance its progressive differentiated value proposition as the preferred destination of convenience for its wide offering of basic banking and financial services.
For soCash, it also signifies a key milestone in their stellar growth as it will boost the home-grown start-up’s distributed cash network to more than 1,000 locations in Singapore.
Steven Lye, Managing Director of 7-Eleven Singapore explained, “We are always striving to bring more convenience and digital innovations to our customers. Through our partnership with soCash, we aim to better meet our customers’ ever-evolving needs by moving beyond our core offerings, at the same time providing rudimentary banking and financial services”.
This latest cardless cash withdrawal service joins a gamut of other banking and financial services offered by 7-Eleven, this includes cash withdrawal service for POSB, DBS, UOB, OCBC and HSBC users.
Meanwhile, Mr Hari Sivan, founder and CEO of soCash, said that the partnership showcases 7-Eleven’s commitment to embrace digital innovation while improving its services for today’s consumers embracing digital banking in a big way. “soCash is a distributed cash network connecting banks to retailers using Singapore’s digital payment infrastructure. While smartphone becomes the primary banking touchpoint for many, finding an ATM or queuing up is often a hassle. By utilising our digital platform, 7-Eleven is redefining ‘convenience’ in their stores and – as shoppers now have a one-stop avenue to withdraw cash 24/7, purchase essentials at any 7-Eleven outlets and benefit from the in-store promotions in the outlets. Why hunt for an ATM or spend time queuing up every time you need cash? With this partnership, cash is really just around the corner for everyone.”