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New AEON service provides cash over-the-counter at 7-Elevens


New AEON service provides cash over-the-counter at 7-Elevens

THE NATION June 1, 2012 1:00 am

AEON Thana Sinsap (Thailand) has launched a new service whereby holders of AEON cash cards can withdraw money over the counter at 7-Eleven stores nationwide, said Yasuhiko Kondo, managing director of the finance company.

This is an extension of AEON’s “Your Cash” product, a revolving loan service allowing customers to use their credit line to withdraw money from the firm’s automated teller machines.

The counter service offered by 7-Eleven currently accepts 10 million bill payments per month from the customers of 300 partners, of which AEON is one. Under the new agreement, AEON cardholders can withdraw cash in addition to paying bills.

AEON is the first non-bank to launch such a counter service. Cardholders can withdraw between Bt1,000 and Bt5,000 per time. The service charge is Bt20 per transaction.

AEON expects 20 per cent of its 2 million Your Cash customers to use this service. Your Cash cardholders currently withdraw Bt1.5 billion per month.

To use the new service, cardholders can call AEON’s automatic call centre to ask for a one-time password. After receiving this OTP via a text message on their mobile phone, customers can go to a 7-Eleven, show their identity card and the password, and receive the cash.

Kondo said new loans this year were expected to grow by 10 per cent from Bt13 billion last year. AEON has outstanding loans of Bt40 billion.

The company will focus more on the upper-income segment, those who earn Bt20,000-Bt30,000 per month, as this segment accounts for only 20 per cent of its 6 million accounts.

“We will seek more partners to launch co-branded cards to attract high-end customers,” he said.

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