The value of transactions in the Land Bank of the Philippines’ (Landbank) mobile app surged over 40% to P89 billion in the first quarter of 2024 as consumers continued to take advantage of digital banking services.

Data showed that Landbank’s mobile banking app reached P89.3 billion in total transaction value from January to March, up by 42% from P63 billion in the same period last year. This increase was specifically driven by fund transfers and bills payment transactions. It also translated to 20.9 million transactions, nearly double the 10.7 million usage recorded in the comparative period.

The volume of transactions done via Landbank’s mobile application surged by 96% in the first quarter, doubling to 20.9 million from 10.7 million in the same period last year. Overall, total transactions via all Landbank’s major digital channels grew by 63% to 30.79 million in the first quarter. Total transaction value across all channels reached P1.95 trillion at the end of March.

Landbank’s other digital channels include the online retail banking channel iAccess, its corporate internet banking platform weAccess, the web-based payment channel Link.BizPortal, and its remittance channel i-Easy Padala. The state-run bank’s other platforms include the Electronic Tax Payment System, Electronic Modified Disbursement System, and the Bulk Crediting System.

The Landbank mobile app is a free application offering online fund transfers, bills payment, balance inquiry, and salary loan services. Landbank president and CEO Lynette Ortiz noted a growing preference among customers for digital solutions towards financial inclusion.

In response, Landbank upgraded its mobile app with a new straight-through account opening feature, allowing customers to open a digital account instantly without visiting a physical branch.

The mobile app enables customers to open a Landbank Piso Plus basic deposit account, a regular Landbank Visa debit account, and the new GoBayani savings account for overseas Filipino workers.

“We are dedicated to continuing expanding our digital offerings to bring more Filipinos into the financial mainstream,”

Lynette said.

Additionally, through the application, Landbank account holders enjoy free fund transfers to other banks via InstaPay and PESONet for three transactions daily that amount to P1,000 and below. Landbank recorded a net income of P12 billion in the first quarter, 11% higher year on year.

Featured image credit: Edited from Freepik