Payment Platform Bayad Center Records Huge Spike in Digital Transactions
CIS Bayad Center, a multi-channel payment platform in the Philippines, reported a significant growth in digital transactions within its biller and partner network since the month of May 2020.
As of August 2020, online payments recorded a year on year growth rate of 130% compared to the same period last year. Digital transactions account for about 34% of the 10 million transactions monthly, coming from a 17% contribution before the lockdown period.
The company said that this is in line with its expectations that digital transactions in the country will continue to grow in the context of the “new normal” where shifting activities online provides a greater sense of security and continuity, as well a path to economic recovery.
This trajectory resonates with the Bangko Sentral ng Pilipinas’ (BSP) move to make e-payments account for 20% of the overall financial transactions in the country and reach 50% by the year 2023. The ongoing pandemic is considered as a catalyst and driver to achieving this goal earlier than expected.
Backed with over 20 years of experience in the outsourced bills payment collection industry, Bayad Center continues to strengthen its onsite to online (O2O) platform to give customers more options for financial transactions.
It is said to have 39,000 payment touchpoints and more than 1,900 billers to date. The company’s service portfolio covers not only bills payments but also domestic and international remittance, insurance sales, medical reimbursement, ATM cash withdrawal, loan disbursement and more.
Recently appointed Bayad Center CEO and President, Lawrence Y. Ferrer noted that,
“As the pioneer and market-leader in the bills payment collection industry, we aim to further contribute to building a more robust digital finance ecosystem in the country. We continue to expand our biller network and collaborations with banks, non-bank financial institutions, fintech companies, as well as government agencies to deliver services that are responsive to the changing needs and lifestyles of Filipinos.”