PSBANK TO COLLECT LOANS VIA 7-ELEVEN

Leading thrift bank Philippine Savings Bank (PSBank) has teamed up with electronic payment service provider Electronic Commerce Payments Inc. (ECPay) to give borrowers the option to pay their loans through 7-Eleven convenience stores.

With PSBank and ECPay’s partnership, customers can now pay their auto loan, home loan, flexi personal loan and business loan through the over 3,000-branch network of 7-Eleven, one of ECPay’s merchant partners.

“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 and marketing group head Noel Tuazon said in a press statement.

Customers can pay their loans through the bills payment facility of CLiQQ kiosk machines at 7-Eleven. Once validated, they can give their cash payment together with the corresponding service fee to the cashier, who will in turn provide an electronically-generated official receipt, which will serve as proof of payment. Only machine-validated payment receipts or an electronic acknowledgment receipt will be honored by PSBank.

Another option, which is seen suitable for on-the-go individuals, is to use the 7-Eleven CLiQQ app on their smartphone. Following the same process, customers just 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.