With the recent spike in Covid-19 cases in the country, the Land Bank of the Philippines is extending once again the waiver of fees for online fund transfers of retail clients until June 30, 2021.
The waiver of fees, previously extended only until March 31, 2021, covers online fund transfers facilitated through Landbank’s online banking channels via InstaPay and PesoNet.
Among these platforms is the Landbank Mobile Banking App (MBA) which facilitated 14.1 million transactions valued at P20.27 billion as of end-February, amounting to increases of 71% and 230%, respectively, over the same period in 2020.
The Landbank MBA was upgraded last year to include new features such as an enhanced user interface, card-less withdrawal, and registration of Mastercard credit and prepaid cards.
Since the government imposed health restrictions in March last year, Landbank has been encouraging clients to utilize its digital and e-banking channels. This continues as the greater Manila area is again placed under Enhanced Community Quarantine (ECQ).
“Landbank remains committed in balancing service delivery and safety, by providing secure and convenient digital banking solutions while promoting health protection. We continue to urge our clients to utilize our online banking platforms and make cashless transactions, especially at this time when COVID-19 cases are rising,” Landbank president and CEO Cecilia C. Borromeo said.
As of February 2021, Landbank’s five major electronic channels — Landbank MBA, Electronic Modified Disbursement System (eMDS), Link.BiZ Portal, i-Access, and we-Access — recorded a cumulative 18.59 million transactions amounting to P247.08 billion. These represent increases of P16% and 47%, respectively, year-on-year.
The Landbank eMDS, dedicated for national government clients and partners, recorded 191,494 transactions or a 10% increase in volume, amounting to P152.86 billion, or a 68% growth, from February 2020.
Likewise, the bank’s e-payment platform, the Landbank Link.BiZ Portal, facilitated 660,490 transactions amounting to P1.39 billion, or equivalent to 37% and 41% increases, respectively.
Meanwhile, the Landbank i-Access, which provides 24/7 online banking services to individual retail clients, logged a total of 879,483 transactions with a total value of P2.28 billion representing an 83% growth rate.
Landbank we-Access, which caters to the online banking needs of corporate clients, facilitated 2,740,611 transactions amounting to P70.33 billion.