BPI Expands Cash Services to 1,369 Partner Stores

Bank of the Philippine Islands customers can now deposit and withdraw cash for free at more than 1,360 partner stores. The locations include supermarkets, convenience stores, pharmacies, and gas stations. Customers generate a barcode in the BPI mobile app and have it scanned at the store counter. The bank said these transactions carry no fees for customers.

BPI reported 34 partner businesses operating nearly 8,000 locations nationwide. Of those, 1,369 stores currently handle cash deposits and withdrawals. The network also includes pawnshops and regional supermarket chains. BPI agency banking head Rally Jereza said the goal is to give customers everyday banking options without visiting branches or ATMs.

The bank aims to enable all partner stores with full account-opening capability by the middle of next year.

BPI is promoting a barcode-sharing feature that lets customers send withdrawal codes to others. An overseas worker can deposit funds once and forward barcodes to relatives who then withdraw cash at partner stores. BPI president and chief executive officer TG Limcaoco said the model reduces branch and ATM operating costs.

He noted that cash deposited at stores can be withdrawn by other customers without armored transport.

BPI said the partner-store channel has already added more than 1 million customers. Officials cited faster account growth in areas previously without nearby branches. The bank’s stated target is 10 million new accounts through agency banking. Officials acknowledged that some customers still face barriers such as weak mobile signals or limited familiarity with apps.