State-run Land Bank of the Philippines led by bankero Cecilia Borromeo and Overseas Filipino (OF) Bank headed by bankero Leila Martin have lowered the fees slapped on certain digital transactions.
“We continue to encourage our customers to make cashless payments in a convenient, safe and cost-effective manner. The lowered LinkBiz transaction rates form part of Landbank’s contribution towards building a cash-lite society,” the bankero said.
The banks reduced the fees for online transactions coursed through Landbank’s Link.BizPortal digital payment platform for ATM account and prepaid cardholders to P7 from P15 per transaction starting last June 1.
Likewise, customers who use the all-in-one mobile wallet LandbankPay will also be charged P7 per LinkBiz transaction, with additional P2 rebate.
Transaction fees using other payment options, except over-the-counter cash and credit card payments, will also be reduced from to P17 from P25.
The fee adjustment is in line with Landbank’s commitment to provide accessible financial services to meet the diverse and growing needs of customers, and advance financial inclusion in the country.
The Link.BizPortal is Landbank’s web-based payment channel that allows clients to pay for products and services online to over 870 government and private partner merchants nationwide.
The use of Landbank’s digital channels continues to rise as more customers perform their banking and financial transactions online.
For the first quarter of the year, the Link.BizPortal facilitated 660,490 transactions with value of P1.39 billion, representing increases of 37 percent and 41 percent, respectively, year-on-year.
Landbank’s digital transformation fully supports the national government’s digital and financial inclusion agenda in line with its expanded mandate of serving the nation.