7-Eleven partners with soCash for cardless withdrawals

With 7-Eleven on board, soCash's service is now available at more than 1,000 locations in Singapore.

7-Eleven partnered with fintech startup soCash to allow banks users to withdraw through their soCash mobile app. Consumers with POSB, DBS, and Standard Chartered accounts may access the service in all 7-Eleven stores, an announcement revealed.

Launched in 2017, soCash works by selecting the amount users wish to withdraw from their accounts through its mobile app. Users then can select a partner store where they can withdraw the cash. The cashier will then scan the unique QR code on the mobile app without the need for an ATM card or a PIN code. With 7-Eleven on board, soCash's service is now available at more than 1,000 locations in Singapore.

“Whilst smartphone becomes the primary banking touchpoint for many, finding an ATM or queuing up is often a hassle,” soCash founder and CEO Hari Sivan commented.

The app will offer $5 incentive cash back for new users.

“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,” 7-Eleven Singapore managing director Steven Lye said.