The Land Bank of the Philippines is set to roll out new e-wallet services seen boosting financial inclusion and further support the government-led disbursements.
Lynette Ortiz, Land Bank president and chief executive officer, told financial reporters the two models will be launched in the fourth quarter this year.
The models include the eWallet-Card which comes with a physical card and the eWallet-Virtual that is accessible through a mobile banking application.
The Land Bank official said the program is 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 30 October 2024 while the eWallet-Virtual will be made available via mobile banking application by 15 December 2024,” Ortiz said.
According to Ortiz, the eWallet models were 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 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 consultant and envoy in the recent past.
