Land Bank of the Philippines (LANDBANK) is set to launch two new e-wallet services in the fourth quarter of this year, further expanding its efforts to promote government disbursements and enhance financial inclusion.
Facade shot of a LANDBANK building with 24-hour ATM services in Manila
The state-run bank said that these services, developed in collaboration with fintech firm Traxion Pay Inc., aim to streamline digital transactions for a wide range of users, particularly those who rely on government cash grants and other financial services.
According to LANDBANK President and CEO Lynette Ortiz, two e-wallet models — the eWallet-Virtual and the eWallet-Carded — will soon be introduced to the public. “The eWallet-Virtual will be made available via mobile banking application on December 15th, while the eWallet-Carded product is undergoing testing and will be launched on October 30th,” Ortiz said in a press statement.
The introduction of these e-wallet services is part of LANDBANK’s ongoing digital transformation efforts to broaden access to banking services, particularly for underserved populations. By offering secure and convenient solutions for managing money, paying bills, and transferring funds, the new e-wallet services will play a critical role in bringing more Filipinos into the financial system.
In July this year, LANDBANK also launched an enticing promo designed to reward its depositors with the chance to win up to P1 million in cash and a variety of high-end gadgets.
LANDBANK: Expanding financial services for the underserved
One of the key objectives behind the launch of the eWallet-Virtual and eWallet-Carded models is to simplify online transactions, particularly for recipients of government disbursements such as cash grants. These services will also be beneficial for individuals needing to conduct person-to-person fund transfers or pay bills securely and efficiently.
The eWallet-Virtual will be accessible through LANDBANK’s mobile banking application, allowing users to manage their funds digitally without the need for a physical card. This solution is expected to be particularly appealing to people in remote or underserved areas where access to traditional banking services may be limited.
Meanwhile, the eWallet-Carded product will offer users a more tangible option, combining the convenience of digital transactions with the familiarity of a physical card. This card-based solution is designed to offer greater flexibility for users who may need to access cash or make in-person payments.
Partnership with Traxion Pay
LANDBANK’s collaboration with Traxion Pay, a fintech company known for its expertise in digital payment systems, has been pivotal to the development of these e-wallet services.
Traxion Pay is led by founder and CEO Ann Cuisia, a former counselor and envoy under the Duterte administration. Under her leadership, Traxion Pay has established itself as a leader in creating digital payment solutions that cater to the needs of both government and private institutions.
The partnership between LANDBANK and Traxion Pay goes beyond just the e-wallet services.
According to Ortiz, the collaboration also includes the development of QR PH person-to-person (P2P) and person-to-merchant (P2M) payment solutions.
These QR-based systems will allow users to make fast, secure transactions by simply scanning a code, further expanding the range of financial services available to LandBank’s clients.
Driving financial inclusion
The launch of the e-wallet services is in line with LANDBANK’s broader mission to promote financial inclusion in the Philippines. By leveraging digital technology, the bank aims to provide more Filipinos with access to essential financial services, regardless of their location or socio-economic status.
This initiative aligns with the Philippine government’s goal to digitize at least 50% of the country’s retail payments and onboard 70% of Filipino adults into the financial system by 2023.
As LANDBANK continues to roll out these new services, the bank hopes to reduce the gap in financial accessibility across the country.
With more people now able to access digital banking solutions, LANDBANK’s e-wallet offerings are set to make a significant impact on the lives of many Filipinos, particularly those in rural areas who have traditionally been excluded from the formal banking sector.
With the upcoming launch dates of October 30th for the eWallet-Carded and December 15th for the eWallet-Virtual, LANDBANK is positioning itself as a key player in the country’s digital transformation, contributing to a more inclusive financial ecosystem.