State-run Land Bank of the Philippines has announced that transactions facilitated through its six major electronic channels grew by 21% in volume and 36% in amount in 2020 from 2019.
The Landbank Mobile Banking App recorded 71.93 million transactions amounting to P85.12 billion, representing upsurges of 68% and 201%, respectively.
The app was also upgraded last year with new features such as an improved user interface, cardless withdrawals, and the registration of Landbank Mastercard Credit and Prepaid Cards in the app.
In addition, Landbank’s e-payment facility, Link.BizPortal, facilitated 2.12 million transactions equivalent to a 35% increase, with a total value of P7.95 billion, representing a 71% growth rate.
The bank’s institutional internet banking platform, weAccess, also recorded increases of 30% and 41% for transactions and amount facilitated, respectively.
Landbank also posted a 47% growth for the amount transacted via iAccess with P11.86 billion in 2020 compared to P8.08 billion in 2019.
The bank’s Electronic Modified Disbursement System (eMDS) for national government agency partners posted increases of 110,000 or 8% more transactions and P260.39 billion or a 28% jump in value.
Lastly, Landbank’s Remittance System facilitated 1.92 million transactions for a 44% surge, with a total amount of P164.88 billion representing an expansion of 38% in 2020.
Apart from these major e-banking channels, Landbank’s online account opening platform — the Digital On-boarding System or DOBS — has also paved the way for the opening of almost 2 million accounts since its implementation in July 2019.
Landbank also announced that it will continues to waive fees for inter-bank fund transfers until March 31, 2021.
First implemented during the height of community lockdowns in March and previously extended until December 2020, the waiver of fees covers retail clients who transfer funds through Landbank’s online banking channels via InstaPay and PesoNet.
“Landbank continues to leverage on digital solutions to provide our clients a responsive and safe banking experience in the new normal. We look to facilitate more simple transactions online, thereby ensuring our client’s health and safety during this pandemic,” said Landbank president and CEO Cecilia C. Borromeo.
