Digital transactions facilitated by state-run Land Bank of the Philippines (Landbank) grew by a fourth in terms of volume and by more than a fifth in value during the first half of 2022.
In a statement Sunday, Landbank said digital banking transaction volume grew 25 percent year-on-year to 77.6 million from January to June. These six-month digital transactions amounted to P1.4 trillion, up 21 percent year-on-year.
“The increases represent combined transactions from the Landbank mobile banking apps iAccess, weAccess, Link.BizPortal, electronic modified disbursement system (eMDS), and the Landbank bulk crediting system (LBCS),” it said.
“With the soaring demand for digital banking channels amid the pandemic, Landbank assures customers that it is maintaining the highest level of security in all its systems, as it also reminds customers to remain vigilant against online banking fraud and scams,” it added.
“Landbank remains committed to promoting greater digital adoption in support of the national government’s financial inclusion agenda. Our safe, convenient and accessible digital banking products are designed to meet the needs of our diverse customer base,” Landbank president and chief executive Cecilia Borromeo said.
Landbank said first-half customer transactions via its mobile banking app grew 27 percent to 59.8 million in terms of volume, and 37 percent to P103.1-billion worth in terms of value.
As for eMDS, which serves as Landbank’s internet facility for its partners in the national government, transaction value rose 22 percent to P966.2 billion, across 1.2 million transactions during the first six months.
Landbank’s corporate internet banking platform weAccess grew transactions volume by 17 percent to 10 million, and value by 11 percent to P262.8 billion in the same six-month period.
“Landbank’s web-based payment channel, Link.BizPortal, facilitated 2.8 million transactions equivalent to a 48-percent increase, with a corresponding total value of P6 billion or 30-percent growth rate,” it said.
“The Landbank iAccess and LBCS — the bank’s online retail banking channel and electronic disbursement facility, respectively — recorded a combined total volume of 2.8 million transactions amounting to P15.3 billion,” it added.
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