Land Bank of the Philippines (LANDBANK) will soon use cards with quick response (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.
LANDBANK has teamed up with Traxion Pay to facilitate the innovative payment option,
through the signing of a Memorandum of Agreement (MOA) led by LANDBANK
President and CEO Lynette V. Ortiz and Traxion Founder and CEO Ann J. Cuisia on 09
May 2024 at the LANDBANK Plaza in Manila.
They were joined by LANDBANK Executive Vice Presidents Leila C. Martin and Alan V.
Bornas, and Senior Vice President Catherine Rowena B. Villanueva, alongside Traxion
Chief Operations Officer Joshua Allen C. Santos, and Business Development Head Oliver
Liggayu.
“As our newest fintech-enabling partner, Traxion’s technical expertise will be invaluable
in the implementation of our plan to integrate QR code functionality into our cards to
facilitate convenient, seamless, and secure cash disbursements, especially under the
government’s social amelioration programs. We expect to further accelerate our efforts
to promote QR Ph code-enabled person-to-person and person-to-merchant payments
with our partnership,” said LANDBANK President and CEO Ortiz.
Under the partnership, Traxion will also provide technology solutions to enable QR Ph
person-to-person (P2P) and person-to-merchant (P2M) payments. This will complement
LANDBANK’s digital banking solutions to service the requirements of government
agencies for the seamless collection of fees and charges.
The adoption of QR code in payment services is in line with the thrust of the Bangko
Sentral ng Pilipinas (BSP) of ensuring the safety, efficiency, and reliability of payment
systems in support of advancing inclusive economic growth.
The new partnership also covers the onboarding of over 200 Traxion partner
cooperatives to the LANDBANKasama Program. This is expected to boost the Bank’s
reach in rural areas to bring financial services closer to more Filipinos.
“With Traxion’s end-to-end phygital banking and payment solutions, LANDBANK can
leverage the latest advancements in hybrid technology to serve all customer types,
across generations, and locations. The extensive technology deployed will reduce the
cost of doing business, extend LBP’s agency banking activities, and empower the
enablers Traxion has been supporting,” said Traxion CEO Cuisia.
Under the LANDBANKasama Program, the state-run Bank is partnering with client
cooperatives, associations, rural banks, local government units (LGUs), micro, small and
medium enterprises (MSMEs), and private entities 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.
The program benefits clients, including beneficiaries of the Conditional Cash Transfer
(CCT) Program of the National Government, who need to travel to other towns and
cities to conduct basic financial transactions.
ABOUT LANDBANK
LANDBANK is the largest development financial institution in the country promoting
financial inclusion, digital transformation and sustainable development to benefit
Filipinos. The Bank is present in all 82 provinces in the country, committed to provide
responsive and meaningful services beyond banking, and leverage on innovative
technology for safe, convenient, and accessible digital banking solutions.
