Land Bank of the Philippines said it will soon use cards with quick response (QR) code functionality to facilitate more convenient and secure cash aid disbursement to beneficiaries of the 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 teamed up with Traxion Pay to facilitate the innovative payment option, through the signing of a memorandum of agreement led by LandBank president and chief executive Lynette Ortiz and Traxion founder and chief executive Ann Cuisia on May 9, 2024.
“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 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 Cuisia.
