The Philippine Star
September 22, 2024 | 12:00am
MANILA, Philippines — State-run Land Bank of the Philippines is poised to roll out its new e-wallet solutions in the fourth quarter to enhance financial inclusion and support government disbursements.
Landbank president and CEO Lynette Ortiz said two models, the eWallet-Carded and eWallet-Virtual – would be launched in the fourth quarter as a result of the lender’s partnership with Traxion Pay Inc.
Traxion Pay, a fintech firm known for its expertise in digital payment solutions is led by founder and CEO Ann Cuisia, a former advisor and envoy during the Duterte administration.
“The eWallet-Carded product is undergoing testing and will be launched on Oct. 30, while the eWallet-Virtual will be made available via mobile banking application on Dec. 15,” Ortiz said.
These e-wallet models are designed to facilitate online transactions, including intrabank and interbank fund transfers, bills payment and the disbursement of government cash grants, particularly for beneficiaries of social amelioration programs.
Aside from the e-wallet functionalities, the partnership with Traxion Pay includes provisions for the development of QR PH person-to-person and person-to-merchant payments solutions.
This initiative aligns with the Bangko Sentral ng Pilipinas’ goal of fostering a safe and efficient digital payment ecosystem, further advancing economic inclusivity.
Last May, Landbank and Traxion Pay signed a memorandum of agreement formalizing a partnership for quick response (QR) code card enablement and technology solution.
The agreement will allow the government-run bank to use cards with QR code functionality to facilitate more convenient and secure cash aid disbursement to beneficiaries of the national government’s social amelioration programs.
The Landbank cards with QR code will provide beneficiaries an alternative method to immediately receive and access their funds, ensuring timely assistance from government agencies especially during emergencies and other special subsidy payouts.
The partnership also covers the onboarding of over 200 Traxion partner cooperatives to the LANDBANKasama Program.
Under the program, Landbank is partnering with client cooperatives, associations, rural banks, local government units, private entities, as well as micro, small and medium enterprises to help provide basic banking services on behalf of the bank. These services include cash withdrawals, cash deposit, fund transfers, bills payment and balance inquiry.
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