At the Land Bank of the Philippines (LandBank), an unprecedented 5.6 trillion pesos worth of transactions were conducted through six major digital banking channels in 2022.
This equates to a 126 percent year-on-year growth as the bank continues to ramp up efforts to roll out digital and inclusive banking services, LandBank said in a statement.
The State Bank conducted a total of 155.8 million digital transactions, up 14% from 2021, as more customers switch to “convenient, reliable and secure digital banking solutions.”
“LandBank’s digital channels continue to serve growing customer demand for contactless financial transactions. We are committed to supporting our growing retail customer base, providing convenient and responsive services to more customers across the country,” said Cecilia Borromeo, President and CEO of LandBank.
The LandBank mobile banking app (MBA) saw the highest number of transactions among channels at 123.6 million, up 19% since 2021 and value up 32% to 227 billion pesos.
Meanwhile, the bank’s online retail banking channel iAccess registered a 15 percent year-on-year increase in transaction value to 17.7 billion pesos.
LandBank Link.BizPortal accelerated 5.8 million transactions worth 11.6 billion pesos, representing increases of 49 percent and 11 percent, respectively.
The online payment system also attracted 314 new partners, accounting for 1,136 merchants, of which 798 are in the public sector.
With LandBank’s weAccess transaction volume of 3.13 trillion pesos, it registered a 540 percent increase in total value for corporate customers compared to the previous year.
Meanwhile, the Electronic Modified Payment System enabled 2.5 million or 15 percent more transactions for partner national government agencies totaling 2.1 trillion pesos, indicating a 22 percent growth rate.
The LandBank mass lending system processed 1.8 million transactions worth 28.5 billion pesos, representing an increase of 1,526 percent and 697 percent, respectively.
LandBank said it aims to increase digital transactions by at least 60 percent by 2023 in both volume and value.
In addition, the state bank is also running an active communications campaign through its social media channels to “help protect customers from phishing and other forms of online banking fraud.”
“LandBank posts weekly #SafeModeMonday, #FraudFreeFriday and #ScamAlert with reminders and recommendations on its social media channels to regularly provide the public with tips on how to detect cyber attacks, how to prevent various forms of phishing and keep credentials private online, among others online. -security. measures,” the bank said in a statement.