New ATM Model Boosts Performance and Reduces Size by 43%
ATM and CD Machines Operated at Over 13,500 Stores... Largest in the Industry
40 Million Annual Transactions and Transfers... Transaction Amount Reaches 10 Trillion
GS Retail announced on the 30th that its convenience store GS25 is strengthening its financial service functions by fully deploying new model ATMs.
The newly introduced ATM was developed as a convenience store-optimized model. It features enhanced software to increase processing speed and reduces the volume by up to 43% compared to existing ATMs, making installation easier.
A customer is using the new ATM introduced by GS25. The new ATM features enhanced software to increase transaction processing speed and reduces the volume by approximately 43% compared to existing ATMs, making it easier to install in convenience stores. [Photo by GS Retail]
GS25 will focus on deploying the new ATMs primarily in GS25 stores where installation was previously impossible due to limited space. Through this, they plan to increase the proportion of stores operating ATMs and cash dispensers (CDs) from about 80% of all GS25 stores to 90%, minimizing gaps in financial services. Unlike ATMs, CDs do not support cash deposit functions.
As of the end of last year, the number of GS25 stores offering ATM and CD services exceeded 13,500 nationwide, which GS25 says is the largest scale in the industry. In 2023 alone, the total number of deposit, withdrawal, and transfer transactions through GS25 stores surpassed 40 million, with an annual transaction amount estimated at around 10 trillion KRW.
GS25 explained that financial service demand, which was mainly for emergency withdrawals, has diversified to include deposits and account transfers, significantly increasing ATM transaction volume. Deposit performance last year increased about 2.3 times compared to five years ago in 2019. During the same period, the share of non-withdrawal services such as deposits and account transfers in ATM transaction performance rose sharply from about 9% to 30% last year.
GS25 expects that the introduction of new ATMs equipped with major financial service functions will enable them to respond to diversified financial demands. Additionally, they plan to expand fee waiver benefits through partnerships with 11 commercial banks and securities firms and continue to introduce financial-specialized stores that combine shopping and financial services. Currently, the financial institutions partnered with GS25 for fee waivers include ▲Shinhan Bank ▲KB Kookmin Bank ▲Woori Bank ▲K Bank ▲Kakao Bank ▲SC First Bank ▲Gwangju Bank ▲Korea Federation of Savings Banks ▲Toss Bank ▲NH Investment & Securities ▲Samsung Securities.
Meanwhile, GS Retail also plans to continuously expand ATM services at its supermarket brand GS The Fresh. Lee Taeyoung, MD of the Service Product Team at GS Retail, said, "To meet diversified financial demands and provide financial services without blind spots, we are accelerating efforts to strengthen convenience store financial services by introducing and deploying new ATMs. We aim to further enhance the role of various lifestyle convenience service platforms, including ATMs, to provide convenience to customers and help franchise stores generate additional revenue through increased foot traffic."
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