The Land Bank of the Philippines (LANDBANK) is accelerating the use of cashless transactions in public markets by offering bank accounts with Quick Response (QR) code functionality to market merchants, shoppers, and local transport drivers.
Employees assisting market merchants in opening a LANDBANK account (IMAGE CREDIT: Landbank)
In a press release, the state-run lender said that the move is in support of the “Paleng-QR Ph Plus” project of the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government (DILG).
The bank added that they are introducing the use of QR codes to accelerate the adoption of cashless payments in the country and institutionalize the use of digital payments in major public markets and local transportation, particularly tricycles.
LANDBANK participates in the implementation of the “Paleng-QR Ph Plus” initiative by erecting customer service booths in several open markets to enable market merchants to open an account right away.
Among the types of accounts that may be opened are the standard LANDBANK savings account, the PISO (Perang Inimpok Savings Option) account, which has a minimum initial deposit of just P1, and the VISA e-Savings Debit Account, which requires no minimum initial deposit.
Successful retailers and vendors receive printed QR codes that they can hang or display at their booths and use to conveniently accept real-time payments from LANDBANK and non-LANDBANK customers.
With this arrangement, the entire payment process becomes more streamlined, efficient, and secure.
Paleng-QR PH program to push for acceptance of digital payments
Capitalizing on the QR Ph initiative, the “Paleng-QR PH Plus” program seeks the policy championship and enjoins local government units to push for the acceptance of digital payments among market vendors, community shopkeepers, and tricycle operators and drivers (TODA) in all cities and municipalities in the country.
The program also highlights the significance of market purchases and local transportation fares as basic components of an average Filipino’s typical payment pattern. Until a market vendor and tricycle driver can accept digital payments, transitioning to cashless transactions would be difficult for an average Filipino consumer.
LANBDANK claimed that since the beginning of the program in August 2022, it has already assisted account openings for market merchants, patrons, and local transport drivers from the nation’s main public markets.
These markets include the “Bankerohan and Toril Public Market” in Davao City, the “Baguio City Public Market” in Baguio City, the “Lapu-Lapu City Public Market” in Cebu, the “Plaza Quezon” in Naga City, the “Alabang New Central Market” in Muntinlupa, the “Pasig Mega Market” in Pasig City, and the “Bacolod Libertad Market” in Bacolod City.
According to LANDBANK, they will also participate in the upcoming rollout of the “Paleng-QR Ph Plus” initiative this month in major public markets in Carmona in Cavite, Santo Tomas City in Batangas, as well as in Iloilo City, Cebu City, and Davao City.