State-owned Land Bank of the Philippines (LandBank) recently equipped Iloilo City’s public market store owners with the capacity to accept digital payments as part of the government’s commitment to make cashless transactions more accessible.
In a statement on Thursday, LandBank said market store owners adopted the use of Quick Response (QR) technology.
The Paleng-QR PH Plus program, led by the Bangko Sentral ng Pilipinas and the Department of the Interior and Local Government, aims to promote the use of QR PH, the national standard for electronic payments, through QR codes.
Jasmin Mangalisan, a vegetable vendor at the Iloilo Terminal Market, said cashless payment has become a game-changer in their day-to-day business.
“No more fake money scares, less bulky loose change to manage, and it’s easier to pay my suppliers through online transfers,” she said.
LandBank’s active participation in the Paleng-QR PH Plus program nationwide extends beyond Iloilo City.
The bank said since August 2022, it has facilitated on-the-spot account openings for market vendors, customers, and public transport drivers nationwide.
“LandBank is leveraging the transformative power of digitalization to advance cashless transactions across local markets nationwide. In partnership with the [Bangko Sentral ng Pilipinas] and [the Department of the Interior and Local Government], we are empowering store owners like Jasmin, as we continue to promote financial freedom for all,” LandBank president and CEO Lynette Ortiz said. (PNA)