THE Land Bank of the Philippines is set to roll out its new e-wallet solutions expected to enhance financial inclusion and further support government-led disbursements.
Lynette Ortiz, Land Bank president and chief executive officer, in response media queries yesterday said two models will be launched in the fourth quarter of this year.
Ortiz said the models to be launched are the eWallet-Carded which comes with a physical card and the eWallet-Virtual that is accessible through a mobile banking application.
Landbank added the program is being pursued in partnership with Traxion Pay Inc., a fintech firm specializing in digital payment solutions.
“The eWallet-Carded product is undergoing testing and will be launched by October 30, 2024, while the eWallet-Virtual will be made available via mobile banking application by Dec. 15, 2024,” Ortiz said.
The firm said these eWallet models are also designed to facilitate online transactions, including intrabank and interbank fund transfers, bills payment as well as the disbursement of government cash grants, particularly for beneficiaries of social amelioration programs.
Aside from the eWallet functionalities, the partnership with Traxion Pay includes provisions for the development of QR PH person-to-person and person-to-merchant payments solutions.
Land Bank and Traxion Pay are also working together to onboard over 200 cooperatives to the Land Bankasama Program aimed at providing banking services to underserved rural areas of the country.
Traxion Pay is led by Ann Cuisia who served as a consultant and envoy for the previous administration.
