Asia: 7-Eleven stores to offer banking services in Thailand

The operator of 7-Eleven convenience stores in Thailand, CP All, is in the process of getting licensed to provide financial services on behalf of banks at its more than 10,000 locations.

Services provided will include deposits, withdrawals and cash and check transfers. Loan services are not covered and daily withdrawals will be limited to 20,000 baht ($600).

Currently, customers are able to make bill payments for utilities and cellphones at 7-Eleven. This plan is part of CP All’s plan to target consumers in less urban areas as the number of bank branches are to be slashed in the next few years due to the rise of mobile banking.

Bank branches remain the most used channel to conduct daily banking activities in Thailand as shown by RFi Group data. This plan will provide consumers in rural areas with easier financial access.

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