First QR-operated teller device in PHL launched

by: BUSINESSMIRROR

source: https://businessmirror.com.ph/2022/11/14/first-qr-operated-teller-device-in-phl-launched/

TECHNOLOGY firm Traxion Tech Inc. announced last Friday of having rolled out its “Cooperation Network,” or “CoopNet,” teller machines (CTMs), “the first-ever cardless teller machine that will work with a QR code.”

Traxion Tech said the CTMs would cater to “the underserved and less digitized cooperatives and financial institutions.”

The firm said it believes CoopNet is “poised to be a network solution made specifically for financial entities to connect with banks, Bancnet, e-wallets and remittance centers to facilitate customers’ payment collection and disbursement.” Its QR technology is powered by QRPh, the National QR (quick response) Code standard in the country regulated by the Bangko Sentral ng Pilipinas (BSP).

“CoopNet augments Bancnet services for banks and other financial institutions who could not roll out Bancnet ATMs due to cost, compliance and limited capacity of the smaller banks,” Traxion Tech CEO Ann J. Cuisia was quoted in the statement as saying. “This technology fosters an inclusive system that redefines interoperable payment solutions in the country.”

“The 24/7 ‘easy access’ design of CTMs revolutionizes the traditional automated teller machines [ATMs]that generally use a card to withdraw cash and for other banking transactions, as it operates using QRPh codes generated from the CoopNet Mobile App,” the company said.

“The innovation aims to strengthen the relationships between the Filipinos and other financial institutions that huge commercial banks do not cater to,” Cuisia said. “We are serving not only cooperatives but also thrift banks, rural banks, micro-finance and lending institutions.”

By downloading the CoopNet Mobile App, Filipinos may use the CTMs to cash in, cash out, pay bills, buy e-load and transfer funds by generating the QRPh code via the application.

For the security of the transactions using the CTM, a one-time pin verification code will be sent to the registered number upon scanning the QR code in the machine. CoopNet also offers cards upon request with the QR code for easy transactions.

“We are rolling out dozens of machines one region at a time until we are present nationwide. Our goal is to touch base with the underserved Filipinos and financial institutions,” Cuisia said.