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Landbank says digital transactions expand by 126% to P5.6T in 2022

State-owned Land Bank of the Philippines said Tuesday it saw its digital channels facilitated P5.6 trillion worth of transactions in 2022, up 126% year-on-year.

In a statement, the lender said it also facilitated a total of 155.8 million digital transactions, up 14% increase over the previous year, “as more customers shift to using convenient, reliable, and safe digital banking solutions.”

“Lanbank’s digital channels continue to service the growing customer demand for contactless financial transactions. We are driven to support our expanding retail customer base, to deliver convenient and responsive services to more customers nationwide,” said Landbank president and CEO Cecilia Borromeo.

The state-owned bank said its Mobile Banking App facilitated the highest number of transactions among its channels at 123.6 million amounting to P227 billion, up 19% in transactions and up 32% in value year-on-year.

Meanwhile, Landbank said its online retail banking channel, iAccess, posted a 15% rise in transactions value year-on-year to P17.7 billion.

Likewise, Landbank’s Link.BizPortal facilitated 5.8 million transactions amounting to P11.6 billion, up 49% and 11% increases, respectively.

The web-based payment facility also onboarded 314 new partners for a total of 1,136 merchants, of which 798 are from the public sector, the bank said.

For corporate clients, Landbank said its weAccess portal had an increase of 540% in total value over the previous year, with P3.13 trillion in transactions.

For national government agency partners, the Electronic-Modified Disbursement System (eMDS) facilitated 2.5 million or 15% more transactions, amounting to P2.1 trillion representing a 22% growth rate, the bank said.

The Landbank Bulk Credit System (LBCS) also facilitated 1.8 million transactions amounting to P28.5 billion, up 1,526% and 697%, respectively.

For 2023, Landbank said it is looking to grow its digital transactions by at least 60% in terms of both volume and value.

The bank said it is also implementing an intensified communication campaign through its social media channels to help protect customers from phishing scams and other forms of online banking fraud. —VAL, GMA Integrated News