Landbank e-banking transaction value hits P2.45 trillion in 2021

State-owned Land Bank of the Philippines on Wednesday said the combined value of transactions facilitated by its six major electronic channels reached P2.45 trillion in 2021, up 46% year-on-year, while volume of transactions grew by 19% to 136.3 million.

In a statement, Landbank president and CEO Cecilia Borromeo attributed the growth to the expanding adoption of the bank’s digital services.

“Landbank is leveraging on the latest technological solutions to deliver a digital banking experience designed for the new normal. We will continue to bank on digital infrastructures as we push for greater digital adoption and advance financial inclusion in the country,” Borromeo said.

She said the Landbank Mobile Banking App (MBA) recorded 103.8 million transactions worth P172.39 billion last year, up 44% and 103%, respectively, from the previous year. 

Meanwhile, the bank’s e-payment facility, Link.BizPortal, facilitated around 3.88 million transactions equivalent to an 83% increase, corresponding to a total value of P10.45 billion or a 31% growth rate. 

The Landbank weAccess, the bank’s institutional internet banking platform, recorded 20.9 million transactions worth nearly P489 million for increases of 29% and 24%, respectively.

Landbank also booked a 30% jump in value via its iAccess internet retail banking channel, reaching P15.40 billion compared to P11.87 billion in 2020.

Likewise, the Landbank Bulk Credit System (LBCS) posted annual growths of 105% and 1181% for volume and value, respectively.

Lastly, the bank’s Electronic Modified Disbursement System (eMDS) for national government agency partners posted increases of 20.9 million or 29% more transactions, and a total value of P488.98 billion, a 24% rise year-on-year.

“With the continuous increase in the use of e-banking channels, the state-run bank assures its customers that it maintains the highest level of security in all its systems while reminding customers to remain vigilant against online banking fraud and scams,” Borromeo said. — BM, GMA News