MANILA: The Land Bank of the Philippines said it is planning to issue cards with a quick response (QR) code to facilitate a more convenient and secure cash aid disbursement to beneficiaries of the national government’s social amelioration programs.
In a statement on Wednesday, the state-run bank said cards with QR codes would 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.
To facilitate the payment option, the bank signed a memorandum of agreement (MOA) with Traxion Pay at the LandBank Plaza in Manila on May 9.
The MOA was signed by LandBank President and CEO Lynette Ortiz and Traxion founder and CEO Ann Cuisia.
‘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,” Ortiz said.
“We expect to further accelerate our efforts to promote QR Ph code-enabled person-to-person and person-to-merchant payments with our partnership.’
Under the partnership, Traxion will also provide technology solutions to enable QR Ph person-to-person and person-to-merchant payments that will complement LandBank’s digital banking solutions to service the requirements of government agencies for the seamless collection of fees and charges.
The new partnership also covers the onboarding of more than 200 Traxion partner cooperatives to the LANDBANKasama Program, which is expected to boost the bank’s reach in rural areas.
Under the LANDBANKasama Program, the bank is partnering with client cooperatives, associations, rural banks, local government units, micro, small and medium enterprises, and private entities to help provide basic banking services on behalf of the bank.
These include cash withdrawals, cash deposits, fund transfers, b
ills payment, and balance inquiries.
According to LandBank, the integration of the QR functionality plus other digital upgrades is currently in the exploratory stage.
‘With Traxion’s end-to-end digital 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,’ Cuisia said.
Source: Philippines News Agency
