Landbank: Digital transactions grew to P8.8T in 2023

State-run lender Land Bank of the Philippines recorded P8.8 trillion worth of transactions facilitated through digital channels in 2023.

In a news release, Landbank said the P8.8-trillion digital transaction value last year was 42% higher than the P6.2 trillion recorded in 2022.

The bank said the 42% increase was driven by a 48% rise in total transaction volume, from 62.6 million to 92.9 million. 

The transactions were facilitated through the Landbank’s digital banking channels, including the Landbank Mobile Banking App (MBA), iAccess, weAccess, Link.BizPortal, i-Easy Padala, Electronic Tax Payment System (eTPS), Electronic Modified Disbursement System (eMDS), and Landbank Bulk Crediting System (LBCS).

“Landbank continues to leverage technology to level-up service delivery and drive financial inclusion across the country. In step with growing customer demand, we are set to expand our innovative offerings to further contribute to the nation's digital transformation journey,” said Landbank president and CEO Lynette Ortiz.

For retail clients, Landbank said its i-Easy Padala, a real time web-based remittance system for overseas Filipinos, facilitated 3.3 million transactions for P4.33 trillion in value, which covers almost half of the total recorded value for the year.

Meanwhile, Landbank’s Mobile Banking App (MBA) saw a 44% increase in transactions to 55.2 million with a value of P316.8 billion.

The bank’s web-based payment channel, Link.BizPortal, also facilitated 7.65 million, up 33%, with a total value of P11.5 billion.

The business payment channel also saw a substantial 53% rise in government agency partners, bringing the total number of Link.Biz merchants to 1,193 as of December 2023, according to Landbank.

Moreover, Landbank said its alternative payment channel, eTPS, facilitated P134 billion in value, while the bank's online retail banking channel, iAccess, recorded P18.36 billion.

For institutional clients, the bank said its eMDS internet facility for national government partners generated P2.95 trillion in value, a 38% increase year-on-year, facilitating 3.2 million transactions.

Landbank added its electronic bulk disbursement facility, the LBCS, and recorded a total volume of 7.1 million transactions amounting to P67.86 billion, up 296% and 138%, respectively.

The bank’s corporate internet banking platform, weAccess, recorded a 53% increase in transactions and a 57% increase in value, facilitating over 14.4 million transactions worth P952.1 billion, respectively.

Landbank said it remains committed to further enhancing its digital platforms and expanding its reach to better serve diverse customer needs and contribute to growing the Philippines' digital economy. — VBL, GMA Integrated News