LandBank expands payment system via MyEG Phl

STATE-owned Land Bank of the Philippines has partnered with MyEG Philippines Inc. to allow users of the Link.BizPortal facility to pay for products and services online from both the government and private institutions using electronic wallets.

Through this partnership, users of the bank’s payment channel called portal will now have access to MyEG’s roster of e-wallet payment facilities to pay for police clearance from the Philippine National Police, Overseas Workers Welfare Administration membership and other government fees from the Department of Labor and Employment, Department of Trade and Industry, Civil Service Commission, among others.

Meanwhile, cash payment options remain available through branches of retail shops, shopping malls, pawnshops and department stores.

The partnership will decrease the direct and indirect costs associated with physical cash or distribution of in-kind goods; establish accountability and tracking of financial flows thereby limiting risks of corruption and theft, as well as de-clog lobby traffic and save on operation costs, the bank said.

“LandBank is fully committed to servicing the growing preference of customers for digital and online payments. Together with MyEG, our expanded payment options will significantly contribute to delivering a safer and more efficient way of accepting and processing payments, in line with our broader thrust of serving the nation,” LandBank digital banking sector OIC, senior vice president Randolph L. Montesa said.

“Our core mission has always been to serve and support the government and provide them our expertise in automating government solutions, managing and processing digital payment transactions,” MyEG PH’s chief executive Ann Margaret Saldaña said.

“As LandBank provides accessible financial services meeting the growing needs of their customers, MyEG is committed to working with LandBank as we activate our e-wallet payment channel to Landbank, providing them our technical, operational, and customer support, and also supporting several of their digital initiatives in the present and in the future,” Saldaña said.

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. It facilitated 2.8 million transactions with a total value of P6 billion for the first six months of the year, which translates to year-on-year increases of 48 percent and 30 percent, respectively.