Landbank launches own e-wallet

MANILA, Philippines — State-run Land Bank of the Philippines has joined the e-wallet space with the launch of  LandbankPay, a mobile payment application which allows users  to safely and conveniently pay bills, top up mobile phones and tollway RFID accounts, purchase online (e-commerce) as well as transfer funds anytime, anywhere.

Landbank said the all-in-one mobile wallet would  help widen the access of more Filipinos to financial services and advance greater financial inclusion in the country.

“The LandbankPay builds on our broader thrust of serving the nation through reliable and convenient digital banking. This is in line with Landbank’s full commitment to expand access to responsive and affordable financial products and services, especially for those residing in unbanked and underserved areas of the country,” said Landbank president and CEO Cecilia  Borromeo.

Initial registration in LandbankPay, which only requires a customer’s mobile number, full name and birth date, opens a Small Wallet account with a maximum balance limit of P20,000.

The LandbankPay Small Wallet account can be used to perform basic transactions such as balance inquiry, buying load and bills payment to more than 800 government and private partner merchants enrolled in the Landbank Link.BizPortal, and cash-in via the Landbank Mobile Banking App, Link.BizPortal, Landbank branches and agent banking partners nationwide.

Small Wallet accountholders can likewise request and receive funds from Full Wallet accountholders.

Customers can upgrade to a LandbankPay Full Wallet account by providing basic demographic information, uploading a valid government-issued ID, and taking a “selfie” to confirm their identity.

Full Wallet accountholders will enjoy an increased maximum balance limit of P50,000 and LandbankPay’s full array of features, which include cash-in and cash-out facilities, fund transfers, buying load, online purchases, local cash remittances through the LBPadala, bills payment to more than 800 government and private partner merchants enrolled in the Landbank Link.BizPortal, and linking of Landbank credit and prepaid cards.