SINGAPORE (19 June): POSB, DBS and Standard Chartered bank customers may now withdraw cash from their accounts at all 7-Eleven stores in Singapore via the soCash app, without the need for an ATM card or PIN code.

The new cardless cash withdrawal service, which has been in effect since June 1, comes as part of 7-Eleven’s collaboration with Singapore-based fintech start-up soCash to see the integration of the latter’s proprietary digital cash circulation platform into 7-Eleven’s retail network of more than 370 stores island-wide.

It is the latest to join other banking and financial services offered by 7-Eleven, such as cash withdrawal services for POSB, DBS, UOB, OCBC and HSBC users.

Users of the soCash app may select the amount they wish to withdraw via the app at their selected 7-Eleven store, with the condition of any in-store purchase.

The cash will then scan a unique QR code on the mobile app for the soCash user to make his or her withdrawal.

soCash is currently offering an incentive of $5 cash-back for new users to encourage consumers to sign up for this new service.

According to 7-Eleven and soCash in a joint statement on Tuesday, the service is secure and available round-the-clock, allowing 7-Eleven to further enhance its progressive differentiated value proposition as “the preferred destination of convenience” for its wide offering of basic banking and financial services.

For soCash, it will also boost the homegrown start-up’s distributed cash network to over a thousand locations in Singapore.

“Through our partnership with soCash, we aim to better meet our customers’ ever-evolving needs by moving beyond our core offerings, at the same time providing rudimentary banking and financial services,” says Steven Lye, managing director of 7-Eleven Singapore.

“While smartphone becomes the primary banking touchpoint for many, finding an ATM or queuing up is often a hassle. By utilising our digital platform, 7-Eleven is redefining ‘convenience’ in their stores and – as shoppers now have a one-stop avenue to withdraw cash 24/7, purchase essentials at any 7-Eleven outlets and benefit from the in-store promotions in the outlets,” adds Hari Sivan, founder and CEO of soCash.