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March 01, 2024

Landbank joins e-wallet bandwagon via LandbankPay

State-run Land Bank of the Philippines led by bankero Cecilia Borromeo has joined the bandwagon of banks and financial institutions offering versatile mobile payment application that allows users to safely and conveniently pay bills, load up mobile phones and tollway RFID accounts, purchase online (e-Commerce), as well as transfer funds anytime, anywhere.

The bankero said that the all-in-one mobile wallet LandbankPay aims to further widen the access of customers to financial services and advance greater financial inclusion in the country.

“The Landbank Pay 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,” Borromeo said.

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, buy load, 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 (MBA), 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.

The LandbankPay was soft-launched in 2021 to provide National ID applicants who have smartphones their own transaction accounts, under Landbank’s co-location strategy with the Philippine Statistics Authority (PSA) for the PhilSys Project roll-outs. The bank has onboarded more than 7.8 million PhilSys registrants in 70 provinces nationwide.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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