The Land Bank of the Philippines is leading the way to cashless transaction, joining the e-wallet space with the launch of LandbankPay. It offers a mobile payment application that allows users a safe venue to pay their bills in just a simple top up method through their mobile phones.
Through this LANDBANKPay wallet, goods and service, online purchase, tollway RFID accounts as well as transfer funds anytime are paid without using paper money and coins.
“The LandbankPay builds on our broader thrust of serving the nation through reliable and convenient digital banking," said Landbank president and CEO Cecilia Borromeo.
"This is in line with Landbank’s full commitment to expand access to responsive and affordable financial products and services, especially for those residing in unbanked and underserved areas of the country,” she added.
Filipinos who wish the LandbankPay requires customers mobile number, full name and birth date to open a small wallet account with a maximum balance limit of P20,000.
LANDBANKPay wallet can be download for free in Google Play Store and iOS App Store, which can be used in over 800 government and private partner merchants. Users can also upgrade their e-wallet to enjoy the maximum balance limit of P50,000 and LandbankPay's full array of features, which include cash-in and cash-out facilities, fund transfer, buying load, online purchases, local cash remittance through the LBPadala, and bills payment.
In 2017 study published by the Philippines Institute for Development Studies confirms the number of Filipinos that do now have access to formal financial services. It cited the data from the Bangko Sentral ng Pilipinas that 72% of Filipinos transact with informal resources.
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