Philippine-based company Traxion Technology Services Cooperative just launched its Cooperation Network (Coopnet) teller machines or CTMs.
The service will be the first to use QR codes for cardless ATM transactions with the goal of catering to “underserved and less digitized” financial institutions and cooperatives in rural areas of the country.
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This service was created to help entities that cannot put up regular ATMs due to their expensive costs, limited capacity, and compliance constraints.
Coopnet can connect with different banks like Bancnet’s interbank network, e-wallet services, and remittance centers.
What’s more, Coopnet uses QRPh, which is the national QR code standard in the country and is regulated by the Bangko Sentral ng Pilipinas (BSP).
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The CTMs will allow users to cash in, cash out, purchase e-load, pay bills, and transfer funds by generating a QRPh code via the Coopnet mobile app.
To keep each transaction secured, they will require a one-time password (OTP) for verification.
Cuisa, the company behind Traxion, said that they are rolling out “dozens of machines one region at a time” until they reach the whole nation.