New eWallet solutions jointly developed by the state-run Land Bank of the Philippines (LandBank) and Traxion Pay Inc., a digital service provider led by former Duterte advisor and envoy Ann J. Cuisia, are set to launch by the end of the year.
LandBank president and CEO Lynette V. Ortiz said the bank will introduce two models in the fourth quarter — the eWallet-Carded, which includes a physical card, and the eWallet-Virtual, accessible through a mobile banking app.
Improve government disbursements
The solutions, once fully in place, are expected to improve government disbursements and advance financial inclusion.
“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.
The LandBank said the eWallet solutions are designed to handle various online transactions, including intrabank and interbank fund transfers, bill payments, and the distribution of government cash grants — particularly to beneficiaries of social amelioration programs.
Traxion Pay collaboration
In addition to these eWallet features, the collaboration with Traxion Pay includes the development of QR PH person-to-person (P2P) and person-to-merchant (P2M) payment solutions.
The initiative supports the Bangko Sentral ng Pilipinas' vision of building a safe and efficient digital payment system, promoting greater economic inclusivity.
Presently, LandBank and Traxion are working together to onboard over 200 cooperatives into the LANDBANKasama Program, which aims to bring banking services to underserved rural communities, expanding financial inclusion across the country.