LANDBANK sees rise in transaction volume, value via its app in Q1

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THE VOLUME of transactions done via Land Bank of the Philippines’ (LANDBANK) mobile application surged by 96% in the first quarter, the state-run bank said on Monday.

Transaction volume through LANDBANK’s Mobile Banking App (MBA) doubled to 20.9 million in the first quarter from 10.7 million in the same period last year, it said in a statement.

Total transaction value made through the app rose by 42% or P89.3 billion from P63 billion last year, mainly driven by fund transfers and bills payment transactions.

Overall, total transactions via all LANDBANK’s major digital channels grew by 63% to 30.79 million in the first quarter, it said.

Total transaction value reached P1.95 trillion at end-March.

LANDBANK’s other digital channels include online retail banking channel iAccess, its corporate internet banking platform weAccess, web-based payment channel Link.BizPortal; and its remittance channel i-Easy Padala.

The state-run bank’s other platforms include the Electronic Tax Payment System, Electronic Modified Disbursement System, and the Bulk Crediting System.

LANDBANK’s mobile banking application provides online banking services like fund transfers, bills payments, balance inquiries, and salary loan services.

Through the application, LANDBANK account holders enjoy free fund transfers to other banks via InstaPay and PESONet for three transactions daily that amount to P1,000 and below.

“We are dedicated to continue expanding our digital offerings to bring more Filipinos into the financial mainstream,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.

LANDBANK has rolled out a new feature for its MBA through which users can now open a digital account without having to visit a physical branch. Account holders may also open a LANDBANK PISO Plus basic deposit account, a regular LANDBANK Visa debit account, and a GoBayani savings account for overseas Filipino workers.

“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,” Ms. Ortiz said.

LANDBANK recorded a net income of P12 billion in the first quarter, 11% higher year on year. — B.M.D. Cruz