The Land Bank of the Philippines (LANDBANK) continues to accelerate the adoption of cashless payments in public markets by providing market vendors, consumers, and local transport drivers with bank accounts capable of sending and receiving funds through Quick Response (QR) code.
This is in support of the “Paleng-QR Ph Plus” initiative of the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government (DILG), designed to institutionalize the use of digital payments in public markets, local transportation particularly tricycles, and other business establishments.
“LANDBANK joins the BSP and DILG in making daily transactions in public markets and small transport utilities seamless and more convenient. This also encourages ordinary Filipinos to open a bank account and avail of other financial services in pursuit of inclusive growth and development,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.
Since the program’s launch in August 2022, the Bank has facilitated account openings for market vendors and goers, as well as local transport drivers, from the country’s major public markets.
These include the Baguio City Public Market in Baguio City, Bankerohan and Toril Public Market in Davao City, Tagbilaran Central Market in Tagbilaran City, Lapu-Lapu City Public Market in Cebu, Plaza Quezon in Naga City, Alabang New Central Market in Muntinlupa City, Pasig Mega Market in Pasig City, and Bacolod Libertad Market in Bacolod City.
LANDBANK takes part in the rollout of the “Paleng-QR Ph Plus” program by setting up customer assistance booths in various public markets to facilitate on-the-spot account openings for market vendors. The type of accounts that may be opened include the LANDBANK regular savings account, the PISO (Perang Inimpok Savings Option) account with a minimum initial deposit of only P1.00, and the VISA e-Savings Debit Account with no minimum initial deposit.
Successful merchants and vendors are provided with printed QR codes to be displayed or hanged at their stalls, which LANDBANK and non-LANDBANK consumers can scan to conveniently pay for goods in real-time. This arrangement makes the whole payment process convenient, faster, cost-effective, and more secure.
This April, the state-run Bank will also be supporting the upcoming rollout of the “Paleng-QR Ph Plus” program in major public markets in Carmona in Cavite, Sto. Tomas City in Batangas, Iloilo City, Cebu City and Davao City.