Government-owned Land Bank of the Philippines (Landbank) said on Friday, Oct. 14, that all its new clients will have cardless accounts as they promote its all-digital services beginning this week.
In a statement, Landbank said new depositors will only be provided cardless accounts. However, if a new client prefers to have a physical automated teller machine or ATM card, they will have to pay P150 for the card.
All cardless cash deposits will be able to transact in all of Landbank’s 231 cash deposit machines or CDMs nationwide.
The bank said new account holders will be enrolled in its iAccess and Mobile Banking App or MBA, and “will benefit from having convenient access to digital banking services, including inter-bank transactions via InstaPay and PESOnet.”
“Cardless account holders can also use the MBA to access their account and withdraw cash from 2,889 ATMs nationwide, which have been upgraded with a cardless withdrawal feature,” said Landbank.
As Landbank promotes more digital services, it “assures customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams.”
Landbank is the country’s third largest universal and commercial bank. For the first six months, its digital channels grew by 25 percent in terms of volume to 77.6 million. Value-wise, it grew by 21 percent to P1.4 trillion.
Digital transactions are via MBA, iAccess, weAccess, Link.BizPortal, Electronic Modified Disbursement System, and the LANDBANK Bulk Crediting System.
As of end-June, its MBA volume increased by 27 percent year-on-year to 59.8 million. This was worth P103.1 billion or by 37 percent year-on-year.
Government-related eMDS, meantime, transacted P966.2 billion during the period or a 22 percent increase year-on-year, from facilitating 1.2 million transactions. The weAccess which is its corporate internet banking platform grew by 17 percent in volume at 10 million and by 11 percent in value to P262.8 million in the first six months.
Landbank is one of six financial institutions given a digital bank license by the central bank last year. Its Overseas Filipino Bank, A Digital Bank of LANDBANK or OFBDB, was authorized to operate during the second quarter of 2022.