Transactions via LANDBANK’s online channels rise 42% in 2023
LAND BANK of the Philippines (LANDBANK) saw digital transactions done via its online banking channels rise by 42% in terms of value to P8.8 trillion in 2023, it said on Tuesday.
The 2023 level was up from the P6.2 trillion worth of transactions coursed through the state-run lender’s digital channels in 2022, LANDBANK said in a statement.
“LANDBANK continues to leverage technology to level up service delivery and drive financial inclusion across the country. In step with growing customer demand, we are set to expand our innovative offerings to further contribute to the nation’s digital transformation journey,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
“LANDBANK remains committed to further enhancing its digital platforms and expanding its reach, to better serve diverse customer needs and contribute to growing the Philippines’ digital economy,” the lender added.
In terms of volume, digital transactions done via LANDBANK’s online banking channels rose by 48% to 92.9 million last year from 62.6 million in 2022, it said.
These online transactions were made through LANDBANK’s mobile banking app (MBA), iAccess, weAccess, Link.BizPortal, i-Easy Padala, Electronic Tax Payment System (eTPS), Electronic Modified Disbursement System (eMDS), and LANDBANK Bulk Crediting System (LBCS).
The i-Easy Padala channel facilitated almost half of the value of total recorded digital transactions at P4.33 trillion, or 3.3 million in volume terms.
Meanwhile, the LANDBANK MBA saw the highest growth in transaction volume at 44% to 55.2 million transactions that were worth P316.8 billion.
Link.BizPortal saw a 33% increase in the number of transactions to 7.65 million for a total value of P11.5 billion. The platform also saw a 53% rise in government agency partners, bringing the number of Link.BizPortal merchants to 1,193.
“LANDBANK’s alternative payment channel, eTPS, facilitated P134 billion in value, while the bank’s online retail banking channel, iAccess, recorded P18.36 billion,” the lender added.
The value of transactions done via the LANDBANK eMDS Internet facility for National Government partners also rose by 38% year on year to P2.95 trillion in 2023, with the total volume at 3.2 million transactions.
Transactions made through LANDBANK’s electronic bulk disbursement facility LBCS jumped by 296% in volume and 138% in value to 7.1 million and P67.86 billion, respectively.
Lastly, its corporate internet banking platform weAccess recorded a 53% increase in transaction volume and a 57% growth in value to 14.4 million worth P952.1 billion, respectively. — A.M.C. Sy
