At the C-Tech Summit, COOPNET introduces the first QR-operated teller machine in the Philippines

The first cardless teller machine to ever work with a QR code, serving cooperatives and financial institutions that are underserved and less digitally advanced.

In order to facilitate the collection and disbursement of consumer payments, COOPNET is positioned to become a network solution designed exclusively for financial companies to link with banks, bancnet, e-wallets, and remittance centers. It uses QRPh, the country's national QR Code standard that is overseen by the Bangko Sentral ng Pilipinas (BSP).


"COOPNET supplements Bancnet services for banks and other financial institutions who were unable to install Bancnet ATMs due to cost, compliance, and the smaller banks' inability to do so. The country's interoperable payment options are redefined because to this technology, according to DigiCOOP Technology Service Cooperative President Ann Cuisia.

Because CTMs operate with QRPh codes generated by the COOPNET Mobile App, they revolutionize the conventional automated teller machines (ATMs), which typically need a card to withdraw cash and for other banking operations.

The goal of the innovation is to improve ties between Filipinos and other financial institutions, which big commercial banks do not serve. In addition to cooperatives, we also provide services to thrift banks, rural banks, and lending organizations, Cuisia emphasized.

Filipinos can use the CTMs to cash in, cash out, pay bills, buy e-load, and transfer payments by downloading the COOPNET Mobile App at COOPNET.online, Google Play Store, Apple App Store, or AppGallery and generating the QRPh code there.


Upon scanning the QR code on the device, a one-time pin verification code will be provided to the registered number for the security of the CTM transactions. COOPNET also provides cards with the QR code upon request for simple transactions.

"Until we are present everywhere, we are introducing dozens of devices, one location at a time. Our objective is to communicate with financial institutions and underserved Filipinos, according to Cuisia.

0/Post a Comment/Comments