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July 14, 2024

Landbank digital transactions surge 22% to P567.6B in Q1

State-run Land Bank of the Philippines headed by bankero Cecilia Borromeo reported a 22 percent jump in the value of transactions coursed through its digital banking channels to reach P567.51 billion in the first quarter of the year.

The increase could be attributed to the 36 percent rise in the number of transactions to 39.14 million from January to March this year.

“Landbank’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers. We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” the bankero said.

Borromeo explained the demand for digital services continue to rise as more customers shift to using more convenient, reliable, and safe digital banking solutions, especially in the new normal.

In particular, the Landbank Mobile Banking App (MBA) recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, or upsurges of 37 percent in volume and 46 percent in value, year-on-year.

Likewise, Landbank weAccess—the bank’s corporate internet banking platform—recorded more than six million transactions worth nearly P143.19 billion, which translates to growths of 37 percent and 25 percent, respectively.

Its web-based payment facility, Link.BizPortal, facilitated around 1.38 million transactions equivalent to a 42 percent increase with corresponding total value of P3.41 billion or 58 percent growth rate.

Landbank’s online retail banking channel, iAccess, also logged a 26 percent jump in transactions value at P4.46 billion.

The Landbank Electronic Modified Disbursement System (eMDS) for national government agency partners also posted an increase of 36% in transactions volume amounting to P368.06 billion, or 18 percent rise in value.

With the continuous increase in the use of digital banking channels, the government-owned bank assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams.