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Friday, March 29, 2024

LandBank registers uptick in online transactions

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LAND Bank of the Philippines announced it registered more electronic banking transactions last year amid the increased shift to digital, extending free online fund transfers until March 31.

The state-run bank said that fee waiver extension was in line with its goal of providing accessible and convenient electronic banking solutions. It covers fund transfers through LandBank’s online banking channels.

In 2020, the bank’s transactions facilitated via its six major electronic channels increased by 21 percent in volume and 36 percent in value year-on-year.

LandBank said its mobile banking app grew the number of transactions by 68 percent to nearly 72 million while their value improved by threefold to P85.12 billion.

The state-run bank said that the app was upgraded last year to include new features, including enhanced user interface, cardless withdrawal and registration of Mastercard credit and prepaid cards in the app.

The bank said its e-payment facility completed 2.12 million transactions amounting to P7.95 billion. Both figures showed growth of 35 percent in terms of volume and 71 percent in terms of amount.

The bank said its institutional internet banking platform booked 30-percent uptick and 41-percent growth in volume and value, respectively.

The value of transactions facilitated through the bank’s electronic disbursement system for national government agency partners rose by 28 percent to P260.39 billion. Number of transactions completed through this platform, meanwhile, grew by 8 percent.

Amount transacted via iAccess improved by 47 percent to P11.86 billion last year from P8.08 billion in 2019, the bank said.

LandBank said its remittance system facilitated 1.92 million transactions amounting to P164.88 billion.

Meanwhile, LandBank said its online account opening platform has also allowed the enrolment of nearly 2 million accounts since its launch in July 2019.

Read full article on BusinessMirror

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