Landbank serves as the sole acquiring bank and transit payment gateway integrator, processing EMV card payments to ensure the direct settlement of fares into the DOTr’s account.
A joint initiative of the Department of the Interior and Local Government (DILG) and the Bangko Sentral ng Pilipinas (BSP), the Paleng-QR PH program promotes the adoption of cashless payment systems.
The lack of regulation surrounding various cashless payment options presents a challenge for consumers and merchants, sometimes leading to a reversion to physical currency.
Clark Development Corporation (CDC) and AF Payments Inc. (AFPI) recently marked a milestone in the local public transportation evolution by launching the Clark Loop bus operations with a fully cashless Automated Fare Collection System (AFCS).
According to Visa’s latest Consumer Payment Attitudes Study, cash usage in the Philippines saw a notable decline in cash usage to 87% in 2023 from 96% in 2022.
The company said amid reports that cash is still king when it comes to the preferred payment method for online shopping, it is seeing a more neck-and-neck comparison among its customers.
Although cash remains a commonly used payment method, the study highlights that a substantial 82% of Filipinos attempted to embrace cashless transactions in 2022.
The study from Visa showed that 7 out of 10 Filipinos were shopping more on social media channels compared to websites and apps. In addition, it showed that 61 percent of Filipinos have actually been patronizing online, home-based businesses compared to the 53 percent that shop in large online marketplaces.
