Traxion Tech Inc. Last Friday, Tech announced the launch of its “CoopNet,” or “CoopNet,” Teller Machines (CTMs), “the first ever QR code-powered cardless teller machine.”
Traxion Tech said the CTMs will meet the needs of “disadvantaged and less digitized cooperatives and financial institutions.”
The company said it believes CoopNet “is poised to be a network solution designed specifically for financial entities to connect with banks, banknet, e-wallets and remittance centers to facilitate customer payment collection and disbursement.” Its QR technology is powered by QRPh, the country’s national QR code (Quick Response) code standard regulated by Bangko Sentral ng Pilipinas (BSP).
“CoopNet is scaling up Bancnet services to banks and other financial institutions that have been unable to roll out Bancnet ATMs due to cost, compliance, and the limited capacity of smaller banks,” the statement quoted Traxion Tech CEO Ann J. Cozia as saying. “This technology underpins an end-to-end system that is redefining interoperable payment solutions in the country.”
“The 24/7 ‘easy access’ design of CTMs has revolutionized traditional automated teller machines [ATMs]Generally used as a card for cash withdrawals and other banking transactions, it works using QRPh codes generated from the CoopNet Mobile app,” the company said.
“The innovation aims to strengthen relationships between Filipinos and other financial institutions that are not catered for by large commercial banks,” Cozia said. “We serve not only cooperatives, but also thrift banks, rural banks, microfinance and lending institutions.”
By downloading the CoopNet Mobile app, Filipinos may use CTMs to cash, withdraw funds, pay bills, purchase e-load and transfer funds by generating a QRPh code via the app.
For security of transactions using CTM, a one-time verification code will be sent to the registered number when the QR code is scanned into the device. CoopNet also offers on-demand cards that contain a QR code to facilitate transactions.
“We roll out dozens of machines in one area at a time so we have a presence across the country. Our goal is to reach out to underserved Filipinos and financial institutions.