LAND Bank of the Philippines (LANDBANK) on Thursday said it had cut transaction fees for fund transfers via InstaPay to P15 from P25.

“By lowering the fund transfer rate, more customers will benefit from the convenience and efficiency of our products,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement.

“This is part of our commitment to provide accessible and affordable digital banking solutions, and to help expand financial inclusion,” she added.

“In full support of the National Government’s financial inclusion agenda, the reduction of transaction rates underscores LANDBANK’s steadfast commitment to meeting the evolving needs of customers, in line with its expanded mandate of serving the nation,” the bank said.

The Bangko Sentral ng Pilipinas wants to digitize 50% of the volume and value of retail transactions and to have 70% of Filipino adults become part of the formal financial system by yearend.

Digital fund transfers are being facilitated in LANDBANK’s mobile app, as well as through iAccess, its internet mobile banking for retail clients, and weAccess for corporate accounts.

About P266 billion worth of transactions went through iAccess and weAccess in the first quarter, it said.

LANDBANK’s digital transactions had risen by 5% year on year to 41.2 million transfers as of end-March, translating to 30% growth in the value of transactions to P735.95 billion, it said in a previous statement. — Aaron Michael C. Sy