BankBazaar Singapore – January 23, 2018
Singapore: HSBC has recently announced its partnership with 7-Eleven, the largest convenience store chain in Singapore, to increase its cash access network across the city-state. This decision has increased the total HSBC cash touchpoints in Singapore by over 30%, taking the total count from around 500 to more than 800.
Partnering with the American retail giant gives HSBC a chance to add a new chapter to its legacy in consumer banking. Increasing cash access to customers through link-ups with payment networks like ATM5, QuickCash and participating merchants, has turned out to be a successful banking model for HSBC. The latest deal between the two behemoths will further bolster the bank’s presence in the private retail banking space in Singapore.
Participating outlets so far included Market Place, Cold Storage and Guardian Health, among others. 7-Eleven stores with their massive presence on the island would lend weight to HSBC’s business model and provide alternative options to HSBC consumers for withdrawing cash.
With the government in Singapore pushing for digital payments and interlinking of digital networks, most key players in the country are slowly transitioning to digital business models from traditional business models and incentivising consumers to adopt the new model.
Numerous surveys have shown that the country is poised to turn smarter with greater digitisation especially in the sphere of banking and financial transactions. However, there are other data to suggest that cash dependency of Singaporeans is not exactly a thing of the past.
According to a quote attributed to Matthias Dekan, the Head of Customer Value Management, HSBC Singapore, by FintechNewsSG, the move will provide instant and greater cash access to the bank’s customers. He has noted that cash access remains important in Singapore and partnering retail outlets mean that customers can get cash wherever they are within the country.
Customers can use the ATM or HSBC Branch Locator feature on the bank’s website to locate the nearest ATM in a branch or a participating retail store.
In addition to expanding its cash access network within the country, HSBC has also been enhancing its presence in the digital sphere in line with its principle of using technology and mobility solutions to address the funds and transfer needs of its customers.
HSBC has introduced a spate of new mobile and cashless payment options for holders of its credit and debit cards. It is also promoting its range of contactless-enabled cards for faster and convenient payments.
PayNow, Apple Pay, Visa payWave, Mastercard contactless solutions and NETS FlashPay are some of the digital payment options that HSBC offers its customers. It has also become the first bank in Singapore to offer its customers with a NETS contactless-enabled debit card.