Tuesday, June 18, 2024

Landbank mobile app now allows account opening, usage up 96% in Q1

The Land Bank of the Philippines has upgraded its Mobile Banking App (MBA), allowing its customers to open a digital account instantly at any time without visiting a branch.

Through the MBA, customers can open a Landbank Piso Plus basic deposit account, a regular Landbank Visa debit account, and the new GoBayani savings account designed for overseas Filipinos.

To open a Landbank account, interested clients need only their smartphones downloaded with the latest version of the Landbank MBA, a secure Internet connection, and any valid identification card such as a Philippine Passport, Driver’s License, SSS, UMID, PRC ID, or PhilSys ID.

“We are dedicated to continue expanding our digital offerings to bring more Filipinos into the financial mainstream. Opening a Landbank account has never been easier, and we hope more customers can get to experience the benefits of our convenient and secure banking services,” said Landbank president and CEO Lynette V. Ortiz.

The Landbank MBA offers online fund transfers, bills payments, balance inquiries, and salary loan services.

Using the MBA, Landbank customers also enjoy free fund transfers to other banks via InstaPay and PesoNet for the first three transactions in a day worth P1,000 and below.

The Landbank MBA recorded a remarkable 96% increase in usage during the first three months of 2024, as transactions soared to 20.9 million from 10.7 million recorded in the same period in 2023.

Fund transfers and bills payment transactions drove the transaction volume growth, as the MBA generated a 42% increase in total transaction value or P89.3 billion compared to P63 billion last year.

The Landbank MBA also led the 63% growth or a total of 30.79 million transactions across all of the bank’s major digital channels, reaching P1.95 trillion in total transaction value.

  • The state-run Bank’s other digital channels include:
  • iAccess, an online retail banking channel;
  • corporate Internet banking platform,
  • weAccess;
  • Web-based payment channel, Link.BizPortal;
  • real-time Web-based remittance system for overseas Filipinos, i-Easy Padala;
  • alternative payment channel, Electronic Tax Payment System (eTPS);
  • facility for institutional clients and national government partners, Electronic Modified Disbursement System (eMDS); and
  • electronic bulk disbursement facility, Bulk Crediting System (LBCS)

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