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Tuesday, July 23, 2024

LandBank’s digital transactions climbed 42% to record P8.8t in 2023

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State-owned Land Bank of the Philippines on Tuesday reported a 42-percent increase in digital transactions to P8.8 trillion in 2023 from P6.2 trillion in 2022, facilitated by its digital banking channels amid growing customer preference for digital solutions.

It said the total transaction volume also grew 48 percent 92.9 million last year from 62.6 million in 2022, handled by the bank’s mobile banking app (MBA), iAccess, weAccess, Link.BizPortal, i-Easy Padala, electronic tax payment system (eTPS), electronic modified disbursement system (eMDS) and bulk crediting system (LBCS).

“LandBank continues to leverage technology to level-up service delivery and drive financial inclusion across the country. In step with growing customer demand, we are set to expand our innovative offerings to further contribute to the nation’s digital transformation journey,” said bank president and chief executive Lynette Ortiz.

It said that for retail clients, i-Easy Padala, the bank’s real time web-based remittance system for overseas Filipinos, facilitated 3.3 million transactions or P4.33 trillion in value.

Its mobile banking app led the growth in digital transactions with a 44-percent increase to 55.2 million amounting to P316.8 billion.

Link.BizPortal also handled 7.65 million transactions for a 33-percdent increase, with total value of P11.5 billion. The payment channel also saw a substantial 53-percent rise in government agency partners, bringing the total number of Link.Biz merchants to 1,193 as of December 2023.

Its alternative payment channel, eTPS, facilitated P134 billion in value, while the bank’s online retail banking channel, iAccess, recorded P18.36 billion.

LandBank said that for institutional clients, its eMDS internet facility for national government partners generated P2.95 trillion in value for a 38-percent increase year-on-year, facilitating 3.2 million transactions.

Its electronic bulk disbursement facility, the LBCS, recorded total volume of 7.1 million transactions amounting to P67.86 billion, translating into expansions of 296 percent and 138 percent, respectively.

Its corporate internet banking platform, weAccess, also recorded a 53-percent increase in transactions and 57-percent increase in value, facilitating over 14.4 million worth P952.1 billion, respectively.

LandBank said it remains committed to further enhancing its digital platforms and expanding its reach, to better serve diverse customer needs and contribute to growing the Philippines’ digital economy.

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