ENCASH and Ayannah launch the Panalo Express SuperPOS, ushering in a new era of Fintech for Financial Inclusion
ENCASH, the country’s first and leading non-bank ATM deployer and Ayannah, one of the country’s leading providers of fintech applications recently partnered to launch 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 (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.
According to Panalo Express Chairman Ramon Lapez Jr., “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.”
On what is to come for the SuperPOS, Panalo Express President Ian Atienza shares, “We plan to deploy this SuperPOS with over 5,000 Panalo Express partners by year-end.” He adds, “We are excited to launch the SuperPOS with our growing network of retailers and agents–since this is truly the first mobile POS device that does it all!”
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,” shares ENCASH President Juan Miguel Mapa. “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.”
Ayannah President Richard Alikpala similarly sees this partnership with ENCASH and Panalo Express as something that will bring about their shared vision of providing accessible and affordable digital financial services and products that will improve the lives of Filipinos. “We are confident that in combining our award-winning fintech application with ENCASH’s tried and tested ATM cash withdrawal service, Panalo Express will be in the best position to spur financial inclusion to majority of Filipinos.”