The Land Bank of the Philippines (LANDBANK) has enhanced its Mobile Banking App (MBA) to allow users to make quick, convenient, and secure payments using quick response (QR) code to over 20,000 participating merchants nationwide.
The LANDBANK MBA has adopted the Bangko Sentral ng Pilipinas’ (BSP) QR Ph Person-to-Merchant (P2M) feature to benefit both customers and merchants with a convenient and secure digital payment option, in line with the Government’s thrust of promoting digital transactions in the country.
With this new QR feature, clients can pay for goods and services directly to merchants such as department stores, pharmacies, supermarkets, and restaurants.
“LANDBANK is one with the BSP in making and receiving payments a more convenient, reliable, and seamless experience through the national QR code standard or QR Ph. This contactless payment feature builds on our timely and relevant digital initiatives to keep clients safe, as we continue to follow strict health protocols in the new normal,” said LANDBANK President and CEO Cecilia C Borromeo.
Apart from having a wide set of merchants that accept QR payments, LANDBANK clients who will use the QR payment feature will also benefit from having cost-effective transactions, minimized encoding errors, and encrypted payment information and data transfers.
“QR Ph empowers consumers by giving them the freedom to choose their digital payment service through its interoperable feature, and this is aligned with the United Nations principle on responsible use of digital payments,” said BSP Governor Benjamin E. Diokno during the virtual launch of the QR Ph P2M on 12 October 2021.
The LANDBANK MBA continues to record a surge in usage in the first three quarters of 2021, as transactions grew 50% to 73.26 million with a significant 124% rise in amount facilitated to P119.65 billion, year-on-year.
LANDBANK’s digital banking platforms power the delivery of responsive and innovative financial products and services towards greater financial inclusion.
