MANILA, Philippines — The value of transactions in Land Bank of the Philippines’ mobile app surged over 40 percent to P89 billion in the first quarter as consumers continued to take advantage of digital banking services.
Data showed that Landbank’s mobile banking application (MBA) reached P89.3 billion in total transaction value in January to March, up by 42 percent from P63 billion in the same period last year.
This was specifically driven by fund transfers and bills payment transactions.
This also translated to 20.9 million transactions, nearly double the 10.7 million usage recorded in the comparative period.
The Landbank MBA is a free application that offers online fund transfers, bills payment, balance inquiry and salary loan services.
Landbank president and CEO Lynette Ortiz said there continues to be a growing preference of customers for digital solutions toward financial inclusion.
As such, Landbank upgraded its MBA with a new straight-through account opening feature which allows customers to open a digital account instantly without visiting a physical branch.
The MBA allows 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,” Ortiz said.