NextGen Day

MANILA – The state-owned Land Bank of the Philippines (Landbank) launched LandbankPay, an all-in-one payments solution, on Friday to provide its account holders with more digital banking channels.

Landbank digital banking sector senior vice president Randolf Montesa said LandbankPay uses the latest technological innovations to provide convenient and reliable financial services to the bank’s clients and account holders, in line with the government’s bid to include more people in the formal banking sector, during the virtual launch of LandbankPay streamed through the bank’s Facebook page.

“Through LandbankPay, we’re providing our consumers with more responsive and cheap financial goods and services, particularly in underserved and unbanked areas of the country,” he said.

Montesa claims that the bank’s relationship with the Philippine Statistics Authority (PSA) for the Philippine Identification System (PhilSys), or national ID scheme, has helped to lower the number of unbanked Filipino adults.

Landbank provides PhilSys applicants with transaction accounts and automated teller machine (ATM) cards without the need to make an initial deposit.

According to Montesa, the bank also provides LandbankPay to PhilSys candidates who have smartphones.

“The LandbankPay will join our array of key digital banking channels with its launch today,” he said.

The mobile banking app iAccess, weAccess, the LinkBiz portal, and the electronic modified disbursement system are among the bank’s banking channels (EMDS).

He said that in 2021, these channels facilitated 136.3 million transactions worth PHP2.45 trillion.

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