The Land Bank of the Philippines (LANDBANK) recorded a significant 42% growth or P8.8 trillion in digital transaction value in 2023 as compared to P6.2 trillion in 2022, facilitated by its digital banking channels and driven by growing customer preference for digital solutions.
The 42% surge was propelled by a 48% jump in total transaction volume of 92.9 million from 62.6 million year-on-year, facilitated through the Bank’s digital banking channels, including the LANDBANK 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).
“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,” said LANDBANK President and CEO Lynette V. Ortiz.
For retail clients, i-Easy Padala, LANDBANK’s real time web-based remittance system for overseas Filipinos, facilitated 3.3 million transactions for P4.33 trillion in value, which covers almost half of the total recorded value for the year.
The LANDBANK Mobile Banking App (MBA) led the growth in digital transactions with a 44% increase to 55.2 million transactions amounting to P316.8 billion.
The Bank’s web-based payment channel, Link.BizPortal, likewise facilitated 7.65 million transactions for a 33% increase, with total value of P11.5 billion. The payment channel also saw a substantial 53% rise in government agency partners, bringing the total number of Link.Biz merchants to 1,193 as of December 2023.
LANDBANK’s alternative payment channel, eTPS, facilitated P134 billion in value; while the Bank’s online retail banking channel, iAccess, recorded P18.36 billion.
For institutional clients, the LANDBANK eMDS internet facility for national government partners generated P2.95 trillion in value for a 38% increase year-on-year, facilitating 3.2 million transactions.
LANDBANK’s electronic bulk disbursement facility, the LBCS, recorded a total volume of 7.1 million transactions amounting to P67.86 billion, translating to unprecedented expansions of 296% and 138%, respectively.
Lastly, the LANDBANK corporate internet banking platform, weAccess, recorded a 53% increase in transactions and 57% increase in value, facilitating over 14.4 million worth P952.1 billion, respectively.
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.
