Pioneering QR code-operated ATM launched

Homegrown firm Traxion Technology Services Cooperative has unveiled its Cooperation Network (Coopnet) teller machines or CTMs, pioneering in the country for being quick response (QR)-code operated and cardless to cater to “underserved and less digitized” cooperatives and financial institutions in the countryside.

In particular, the new technology was designed for and aimed at such entities that could not deploy regular ATMs due to high cost, compliance constraints and limited capacity.

Coopnet is expected to enable these financial entities to connect with banks, the interbank network of Bancnet, e-wallets and remittance centers to facilitate customers’ payment collection and disbursement.

Also, Coopnet’s QR technology is powered by QRPh, the National QR code standard in the country and regulated by the Bangko Sentral ng Pilipinas.

“Coopnet augments Bancnet services for banks and other financial institutions who could not roll out Bancnet ATMs … and fosters an inclusive system that redefines interoperable payment solutions in the country,” said Ann Cuisia, president of DigiCOOP Technology Service Cooperative.

Touted as the Philippines’ first cooperative-owned technology platform for cooperatives, DigiCOOP is backed by technology provided by Traxion, itself founded and headed by Cuisia.

Cuisia said in a statement that because CTMs operate using QRPh codes generated from the Coopnet mobile app, these machines revolutionize the traditional ATMs, which generally use a card for cash withdrawal and for other banking transactions.

“The innovation aims to strengthen the relationships between the Filipinos and other financial institutions that huge commercial banks do not cater to,” she said. “We are serving not only cooperatives but also thrift banks, rural banks, micro-finance and lending institutions.”

With the CTMs, users may cash in, cash out, pay bills, buy e-load, and transfer funds by generating the QRPh code via the application. For security of transactions, a one-time pin verification code will be sent to the registered cellular number upon scanning the QR code in the machine. Coopnet also offers cards upon request with the QR code for easy transactions.

“We are rolling out dozens of machines one region at a time until we are present nationwide,” Cuisa said. “Our goal is to touch base with the underserved Filipinos and financial institutions.”