A strategic agreement was signed between Landbank and digital payment leader Visa to expand digital payment acceptance across key government channels, enabling fast and secure digital transactions for various government services.
The partnership is in support of the government’s vision of a cash-lite and digitally-inclusive economy.
Visa will enable Landbank to facilitate card acceptance across platforms, such as the Link.BizPortal, an e-Payment facility that allows clients to pay for products and services online from both the government and private sectors, as well as transit and transportation systems, national government agencies, and government procurement systems.
The agreement will likewise support the government’s flagship digital services portal eGov.ph to further develop, centralize, and integrate the system to provide a single platform for all government services, and streamline government collections to provide an enhanced framework, transparency, and curb revenue leaks by promoting digital payments over cash transactions.
The partnership aims to make financial transactions with the government – from paying taxes and fees to accessing public services – efficient and secure for citizens, businesses, and even among various other local and national government agencies.
“This milestone partnership further cements Visa’s commitment to a digitally and financially inclusive Philippines, and with Landbank, we hope to enhance security and efficiency for government transactions to support the country’s broader socioeconomic goals,” Jeffrey Navarro, country manager for Visa Philippines, said.
“Landbank is steadfast in advancing digital transformation across government transactions to make financial services more secure, efficient, and accessible for all Filipinos,” president and chief executive officer Lynette Ortiz said in a statement Dec. 18.
“Our partnership with Visa reinforces this commitment as we work together to accelerate digital payment adoption, promote financial inclusion, and contribute to the country’s vision of a more connected and inclusive digital economy,” she added.
The partnership will help boost adoption of digital payments. In 2024, the share of digital payments to total monthly retail transactions, in terms of volume, rose to 57.4 percent, up from 52.8 percent the previous year.
This was largely driven by merchant payments (66.4 percent), person-to-person or P2P transfers (20.6 percent), and business-to-business or B2B supplier payments (6.2 percent). The government aims to digitize 60 to 70 percent of retail payments by 2028, Landbank said. ||
