HIGHER USAGE. LandBank recorded higher transactions in its Mobile Banking App (MBA) in January to March 2024. MBA usage generated a 42-percent increase in total transaction value, or PHP89.3 billion compared to PHP63 billion from the same period in 2023. (Screenshot of LandBank MBA)
MANILA – More transactions were carried through the Mobile Banking App (MBA) of Land Bank of the Philippines in the first three months of the year, the state-owned bank reported on Monday.
In a statement, LandBank said transactions coursed through its MBA reached to 20.9 million in the first quarter of 2024, or 96 percent higher than the 10.7 million transactions recorded in the same period last year.
“Fund transfers and bills payment transactions drove the transaction volume growth, as the MBA generated a 42 percent increase in total transaction value, or PHP89.3 billion compared to PHP63 billion last year,” it said.
Across all of its major digital channels, which usage increased by 63 percent in the same period with a total transaction value of PHP1.96 trillion, LandBank MBA led the growth in transactions.
Landbank’s other digital channels include iAccess, an online retail banking channel; corporate internet banking platform, weAccess; web-based payment channel, Link.BizPortal; real-time web-based remittance system for overseas Filipinos, i-Easy Padala; alternative payment channel, Electronic Tax Payment System (eTPS); facility for institutional clients and national government partners, Electronic Modified Disbursement System (eMDS); and electronic bulk disbursement facility, LandBank’s Bulk Crediting System (LBCS).
"We are dedicated to continue expanding our digital offerings to bring more Filipinos into the financial mainstream. 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," LandBank president and chief executive officer Lynette Ortiz said.
LandBank said it recently upgraded the MBA that now allows customers to open a digital account instantly without visiting a LandBank branch.
“Through the MBA, customers can open a LandBank PISO Plus basic deposit account, a regular LandBank Visa debit account, and the new GoBayani savings account designed for overseas Filipinos, to help build their savings and start their financial journey,” it said. (PNA)
