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Banking coming next month to every 7-eleven

Started by Newsy, September 19, 2018, 12:41:01 PM

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Banking coming next month to every 7-eleven

Twenty-million bank customers will be able to make basic transactions at all 7-Eleven stores when a pilot banking program launches next month.

Government Savings Bank customers will be the first able to deposit and withdraw funds at more than 13,000 convenience stores across country starting Oct. 31, the bank announced Tuesday.

Bank president Chatchai Payuhanaveechai said customers will use the bank’s mobile application to authorize transactions that could then be fulfilled at the counter. Deposits of up to 30,000 baht will be possible around the clock, while withdrawals of up to 5,000 baht per transaction or 20,000 baht per day will be limited to 8am to 10pm.

There is no minimum amount per transaction. The service will likely be expanded to other banks in the future.

Customers will pay a 15 baht fee for every transaction, which will be offered as part of 7-Eleven’s Counter Service. There will be no fees for the first year for customers aged 7 to 20.

The launch of convenience-store banking was seen earlier this year as a way for commercial banks to scale down spending on branches and personnel. Chatchai said his customers shouldn’t fear that their neighborhood branch is going to close anytime soon.

“The bank won’t close branches but we also won’t open new ones,” he said. “Collaborating with 7-Eleven on our banking services will make it more convenient for our customers in the countryside.”

According to Chatchai, there are about 6,000 branches of 7-Eleven outside the capital. That’s about six times the bank’s 1,070 branches serving its 20 million customers nationwide.

Korsak Chairasmisak, president of 7-Eleven owner CP All, said the company has been preparing the service as banks are shutting down more branches.

The Bank of Thailand changed its regulations to allow convenience stores to offer banking services as a number of banks continue to downsize.

Chatchai said he hopes the initiative will attract 10 million more customers to his bank in the next two years.

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