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Philippine Government Bank to Launch E-payment Channel for Household Workers
Source: http://www.futuregov.asia/
Source Date: Monday, May 06, 2013
Country: Philippines
Created: May 07, 2013

The Land Bank of the Philippinesis working together with Smart Hub, a unit of Telco giant Smart Communications, to provide an e-payment channel called “BayadLoad” for the mandatory government contributions of some 2.5 million household workers.

 

The initiative is a response to the “Kasambahay” law (Household worker law) which requires employers of household workers to remit monthly membership contributions to the Home Development Mutual Fund (Pag-IBIG Fund) and premium payments to the Philippine Health Insurance Corp. (PhilHealth) and the Social Security System (SSS).

 

"This innovation in electronic payment services is transformative as it helps change the lives of our household workers by giving them opportunities to save for their future’s security," said Landbank president and CEO Gilda Pico.

 

"It is also an effective tool to decongest bank branches from the long queues and waiting time."

 

Paying through BayadLoad allows Smart, Talk ’N Text, and soon Sun, subscribers to initiate the payment transaction without being charged an SMS fee. Payment confirmation will be received via SMS.

 

The new e-payment channel eliminates tedious cash-in processes, especially for household workers who may find it difficult to leave their place of work to do physical cash-in, particularly on weekdays, when their employers are mostly out.

 

With Bayadload, any household worker or employer can simply top-up their BayadLoad e-wallet at any of Smart’s authorised retailers nationwide.

 

Furthermore, all premiums and membership contributions will be credited to the payee agency in near real-time via end-of-day settlement by LandBank.

 

BayadLoad will be commercially available upon final approval of the Central Bank of the Philippines within the month.

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