SINGAPORE - DBS and POSB account holders shopping at 7-Eleven stores can now withdraw cash over the counter as they pay for their items.
Customers with a debit, credit or ATM card linked to a savings account at either bank can withdraw up to $80 at one time with no fees when making a purchase.
The new service has, in effect, turned the more than 500 7-Eleven outlets in Singapore into new ATM cash points. Only the shops at Changi Airport and Shell service stations do not offer this option. Due to POSB's strong presence in the heartland, DBS has branded the new service POSB Cash-Point.
It said the service has recorded 800 transactions in five days since it started in a low-key manner last Thursday.
DBS Bank also has similar collaborations that allow its customers to make withdrawals at SingPost and the Buzz Pods set up by media firm Singapore Press Holdings.
The new 7-Eleven service, which was formally announced on Tuesday, brings the number of points around the island where DBS and POSB card holders can make cash withdrawals to more than 2,000. This includes the more than 1,100 POSB and DBS ATMs.
DBS consumer banking head Jeremy Soo said on Tuesday: "Cash is still pretty dominant in a country like Singapore. With a growing population and customer base, there is still a constant need for small-value cash or petty cash for purchases at small-value stores or taxi fares."
About 300 7-Eleven stores are in locations where there are no DBS or POSB ATMs nearby so the new service will help fill that void.
Mr Soo also noted that customers can nip into a shop to get cash if they want to beat long queues at ATMs.
He added that the initiative is part of a bank campaign to provide more access points to customers and retailers who still require cash while continuing to encourage stores to go cashless and accept all cards.
Singaporeans still like having the kind of money they can stuff in their wallets.
Last year, there were 208 million cash transactions made at touch-points such as ATMs and 204 million in 2011.
Undergraduate Pamela Tan, 21, who has a POSB GO! debit card, told The Straits Times: "There are enough POSB and DBS ATMs for me, but it would be useful for those who frequent 7-Eleven stores, as they can buy stuff and withdraw cash at the same time."
Public relations executive Jacintha Ng, 26, a DBS customer, added: "It's very convenient, especially when there are no ATMs nearby and I am in need of cash quickly."