The Land Bank of the Philippines reported that it recorded significant increases in volume and value of transactions across its major digital banking platforms in the first six months of the year.
The state-run bank facilitated 94.7 million transactions worth P1.9 trillion from January to June 2023, representing year-on-year jumps of 22% and 41% in volume and value, respectively.
The combined digital transactions were made through the Landbank Mobile Banking App (MBA), Electronic Modified Disbursement System (eMDS), Landbank Bulk Crediting System (LBCS), Link.BizPortal, iAccess, and weAccess.
“More customers continue to embrace the advantages of using Landbank’s digital banking solutions. We will drive investments to upgrade our digital infrastructure further, to continue providing convenient, accessible, and secure services,” said Landbank president and CEO Lynette V. Ortiz.
The Landbank MBA accounted for the bulk of the total digital transactions, facilitating 76.1 million transactions amounting to P140.5 billion. These translate to year-on-year expansions of 27% and 36% in volume and value, respectively.
Landbank customers mostly use the MBA for fund transfer and bills payment, as well as for purchasing government bonds, including the Retail Treasury Bonds Tranche 29 (RTB-29) offered in February 2023.
The eMDS, Landbank’s Internet facility for national government agencies, registered the highest transaction value at P1.3 trillion for a 36% jump from P966.2 billion in the same period a year ago. Total transactions likewise grew by 15% to 1.4 million from 1.2 million.
Meanwhile, the bank’s electronic bulk disbursement facility, LBCS, saw the most significant increases in utilization and value in the first half of the year, with total transactions reaching 3.6 million valued at P32.3 billion for unprecedented growth rates of 6,737% and 398%, respectively.
The Landbank Link.BizPortal, a Web-based payment channel for paying for products and services online, also posted a 44% rise in volume to 4 million transactions worth P6 billion.
The value of transactions facilitated via Landbank’s online retail banking channel, iAccess, and its corporate internet banking platform, weAccess, likewise improved by 3% and 53% to P9.1 billion and P433.3 billion, respectively.
With the continued adoption of digital banking, Landbank continues to remind customers and the public to be more vigilant against phishing scams and other forms of online banking fraud.
The bank is regularly posting on its official social media channels security reminders and best practices to avoid falling victim to fraudulent activities online.