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Tuesday, April 16, 2024

Repay loans at convenience stores? PSBank’s tie-up with ECPay makes it possible

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Philippine Savings Bank (PSBank) announced that it has inked a new partnership with Electronic Commerce Payments Inc. (ECPay) to allow its clients to repay loans in convenient stores nationwide. 

PSBank said its partnership with ECPay gives the bank’s customers access to settle payments for Auto Loan, Home Loan, Flexi Personal Loan, and Business Loan through 7-Eleven, one of ECPay’s merchant partners. 7-Eleven has more than 3000 branches nationwide. 

The bank said PSBank clients will have  two ways to initiate payment via ECPay through 7-Eleven. 

First, customers can use the CLiQQ kiosk machine in 7-Eleven branches, select “Bills Payment,” “Loans,” then “PSBank.” From there, they will need to encode their loan account number, mobile number, and the amount due. 

The cashier will provide an electronically-generated official receipt, which will serve as their proof of payment. Only machine-validated payment receipts or an electronic acknowledgment receipt will be honored by the Bank.

The second option is more viable for on-the-go individuals. They can make a similar transaction using the 7-Eleven CLiQQ app on their smartphone. Following the same process, customers will need to visit a 7-Eleven branch to present the barcode generated on their app for validation, pay the amount due, and get the official receipt. 

Customers may pay up to P10,000 per transaction if initiated using the CLiQQ kiosk

machine and up to P50,000 per transaction via the CLiQQ app.

“As more Filipinos turn to technology to handle their financial transactions, we are committed to develop new ways for them to manage their finances. By leveraging the reliable technology of ECPay and the ubiquitous presence of 7-Eleven, we are able to reach more customers and make their financial transactions as fast, simple, and reliable as our in-branch and mobile options,” PSBank Senior Vice President & Marketing Group Head Noel Tuazon said. 

“Our partnership with ECPay is just the latest initiative for a better banking experience. We will continue to upgrade and develop our products and services, as we expand our network of

electronic payment partners at the same time,” he added.

Read full article on BusinessMirror

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