Landbank taps Traxion Pay to launch e-wallet, QR in aid disbursement by Q4

State-run Land Bank of the Philippines is poised to roll out e-wallet and QR solutions to facilitate a more efficient disbursement of cash aid to beneficiaries of the national government’s social amelioration programs.

Last May, Landbank announced it partnered with Traxion Pay as fintech enabling partner to add QR functionality in the cash cards used by cash transfer program beneficiaries to access their funds.

Traxion Pay is headed and was founded by Ann Cuisia, a former IT consultant at the Office of the President during the Duterte administration.

“Among the best use cases relating to our partnership with Traxion Pay Inc. is the Landbank eWallet with QR PH functionality which would support government disbursements of cash grants,” Landbank president and CEO Lynette Ortiz told GMA News Online.

Ortiz said the state-run bank and Traxion intend to roll out two models —an e-wallet with a physical card  or “eWallet-Carded” and an e-wallet with a virtual card  or “eWallet-Virtual.”

“Both models support online transactions such as intrabank/interbank fund transfer and bills payment,” she said.

“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 December 15, 2024,” she added.

Moreover, the partnership between Landbank and Traxion Pay includes provisions for the development of QR PH person-to-person (P2P) and person-to-merchant (P2M) payments solutions. 

The adoption of QR code in payment services is in line with the thrust of the Bangko Sentral ng Pilipinas (BSP) of ensuring the safety, efficiency, and reliability of payment systems in support of advancing inclusive economic growth, according to Landbank.—AOL, GMA Integrated News