Pandemic hikes volume, amount of Landbank online transactions in 2020

MANILA, Philippines—As online transactions flourished amid the pandemic, the state-run Land Bank of the Philippines (Landbank) has extended until March 31 the waiver of interbank transfer fees which started when COVID-19 struck in 2020.

In a statement on Monday (Feb. 1), Landbank said InstaPay and PESONet transactions will remain free of charge until the end of the first quarter of 2021, further prolonging the relief being provided since March 2020.

As most Filipinos just stayed at home due to stringent community quarantine restrictions, Landbank said the volume of transactions in its six electronic channels climbed 21 percent, while their value jumped by a 36 percent in 2020.

Landbank’s upgraded mobile banking app had transactions worth P85.12 billion in 2020.

The e-payment facility, called Link.BizPortal, in 2020 hosted 2.12 million transactions worth P7.95 billion.

Landbank’s iAccess grew its transactions value by 47 percent to P11.86 billion in 2020.

The institutional internet banking platform weAccess jacked up transaction volume as well as value by 30 percent and 41 percent.

Landbank’s electronic modified disbursement system (eMDS) being tapped by national government agencies saw transactions increase by 8 percent on top of a 28-percent growth in transacted amounts.

Its remittance system also had transactions rising by 44 percent such that the total amount remitted surged by 38 percent to P164.88 billion.

“Landbank continues to leverage on digital solutions to provide our clients a responsive and safe banking experience in the new normal,” said Landbank president and CEO Cecilia Borromeo. “We look to facilitate more simple transactions online, thereby ensuring our clients’ health and safety during the pandemic,” Borromeo said.

TSB