DIGITAL TRANSACTIONS facilitated by Land Bank of the Philippines (LANDBANK) in the first six months grew by 22% year on year in terms of volume and by 41% in terms of value.
The state-run lender recorded 94.7 million digital transactions in the first half of the year, translating to P1.9 trillion in terms of value, LANDBANK said in a statement on Sunday.
“More customers continue to embrace the advantages of using LANDBANK’s digital banking solutions. We will drive investments to upgrade our digital infrastructure further, to continue providing convenient, accessible, and secure services,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
“The combined digital transactions were made through the LANDBANK Mobile Banking App (MBA), Electronic Modified Disbursement System (eMDS), LANDBANK Bulk Crediting System (LBCS), Link.BizPortal, iAccess, and weAccess,” LANDBANK said.
Broken down, LANDBANK MBA accounted for the majority of the number of digital transactions. The platform facilitated 76.1 million transactions amounting to P140.5 million, up year on year by 27% and 36%, respectively.
LANDBANK said MBA was used for fund transfers, bills payments, and government bonds purchases. This includes the retail Treasury bonds offered in February.
Meanwhile, the eMDS accounted for majority of the value of digital transactions at P1.3 trillion, equivalent to 1.4 million transactions. This was a 36% jump in terms of value from P966.2 billion and a 15% growth in terms of volume from 1.2 million.
eMDS is LANDBANK’s internet facility for National Government agencies.
LBCS saw the most significant increases in utilization and value in the first half of the year, with total transactions jumping by 6,737% to 3.6 million, amounting to a 398% rise in value to P32.3 billion.
LBCS is LANDBANK’s electronic bulk disbursement facility.
“The LANDBANK Link.BizPortal, a web-based payment channel for paying for products and services online, also posted a 44% rise in volume to 4 million transactions worth P6 billion,” the bank added.
The value of transactions facilitated through iAccess, LANDBANK’s online retail banking channel, inched up by 3% to P9.1 billion.
Lastly, the value of transactions done through LANDBANK’s corporate internet banking platform weAccess rose by 53% to P433.3 billion.
The value of transactions facilitated via LANDBANK’s online retail banking channel iAccess and its corporate internet banking platform weAccess likewise improved by 3% and 53% to P9.1 billion and P433.3 billion, respectively.
LANDBANK saw its net income rise by 2.7% year on year to P20.9 billion in the first half on the back of improved income from loans and investments. — AMCS