Twenty-six-year-old housewife Joan Salazar of Pantabangan, Nueva Ecija used to travel about 45 kilometers to Cabanatuan City to withdraw cash from the nearest ATM machine she could find.
“Malaking abala (inconvenient)” is how she describes her ATM “nightmare” in the past. “I had to spend so much for travel, and it was time consuming because of the distance from my residence. I also didn’t feel secure bringing cash during my long travel,” she shared.
When Encash, the country’s first independent ATM deployer, installed 10 brand-new wireless ATMs for Nueva Ecija-based GM Bank in the first quarter of 2008, Salazar and her neighbors found accessible and dependable ATM machines spread across the province. “Now, I’m able to save a lot of money and time,” she enthused.
The Encash-installed GM Bank ATM machines are located in Cabiao, Cuyapo, Lupao, Palayan City, Penaranda, Rizal, San Antonio, Sto. Domingo, and Zaragosa in Nueva Ecija, and Gerona, Tarlac.
“When we hosted Encash ATM machines at our branches, we were able to invite more clients to transact with us. ATM cardholders became interested to open accounts with our bank. It increased our market share, attracting more clients with the additional Global service that we provided through the ATM, and demonstrated our ability to provide financial services to our clients in the rural and remote areas,” GM Bank, Inc. senior vice president Ramon de Ocampo said.
GM Bank, the largest rural bank in Nueva Ecija, now has the most number of ATM machines in the province, all of which have been well-received by communities. The Rizal municipal council also cited GM Bank for installing an ATM machine in their town.
According to Encash president Eric Severino, “All of these ATMs are running ‘live,’ dispensing cash for townsfolk who don’t have to travel far to obtain cash. The availability of ATMs also contributes to the local economy because much of the cash is spent in the town instead of in cities where the commercial bank ATM machines are.”
In the case of Pampanga-based Bank of Florida, its cardholders also attest to the convenience that the bank’s ATM machines bring. What used to be a tiring trip for Floridablanca resident Robin de Leon to withdraw cash from an ATM machine in San Fernando is now a comfortable exercise with the Encash ATM machine.
“The ATM unit we deployed for Bank of Florida was an immediate success. Of the 2,600 or so ATMs in the MegaLink network, Bank of Florida’s ATM ranked 48 in total ‘switched’ transactions. Five more ATMs will be rolled out in the next few days,” Severino said.
Bank executives say Bank of Florida’s name shone further when it pioneered the ATM in Floridablanca.
To date, Encash has partnerships with 28 rural banks representing approximately 180 branches nationwide. In a span of five months beginning December 2007, the company has installed 61 ATM machines all over the country.
Encash is the first non-bank affiliate network of MegaLink. It is also the first within the consortium to comply with the Triple Data Encryption Standard that enhances data security.