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Bayad, recognized as the largest and most expansive multi-channel payment platform in the Philippines, reaffirmed its dedication to advancing financial technology and broadening its global footprint during the 2023 Singapore Fintech Festival.
A pivotal moment during Bayad’s involvement was the engaging presentation delivered by President and CEO Lawrence Y. Ferrer. He shared invaluable insights on the fundamental role of bill payments in propelling digital economic growth.
Under the title “Fueling Progress: Bill Payments as the Catalyst for Digital Economic Growth,” Mr. Ferrer underscored the pivotal role of bill payments in the Philippines, highlighting their substantial impact on the nation’s economy.
The Move Toward Digital
Presently, the Philippines holds the top spot for receiving the most money remittances in Southeast Asia, ranks third in Asia, and stands fourth globally. The World Bank foresees a continued uptrend in remittances for the country.
The payment landscape in the Philippines is steadily transitioning towards digital transactions, poised to reach a projected 50% by 2023, aligning with the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap.
The growth of the digital economy is evident. As stated by Ferrer, “Every day, more and more people are opting for digital transactions,” as evidenced by the digital economy’s 9.4% contribution to the Philippines’ GDP in 2022. As the Philippine market expands globally and the preference for digital payment platforms increases, we aim to meet Filipinos’ demand for secure and convenient bill management solutions, irrespective of their location.”
Bayad’s Role in the Bill Payment Industry
In light of this, Bayad, previously known as Bayad Center, has maintained its esteemed status in the industry for 26 years, initially catering to MERALCO customers by offering alternative bill payment options.
With its expansive ecosystem, Bayad has transformed into the foremost bill payments aggregator, catering to over 3,000 biller brands from diverse sectors—both public and private. These encompass a broad spectrum of services, including utilities like electricity and water, telecommunications, government contributions, airline bookings, loans, e-loading, e-wallet top-ups, toll RFID loading, insurance, memorial services, and more.
“Moreover, as part of our commitment to providing Filipinos with increased payment avenues for our biller partners, we continually reinforce our omnichannel presence,” highlighted Ferrer. “Presently, we boast over 400,000 physical touchpoints and are integrated with over 80 million subscribers across prominent digital and mobile platforms, spanning local and international territories.”
Ferrer further emphasized, “In fact, our bill payment network links 9 out of 10 banks and fintech entities. We stand as the primary transaction hub for billing institutions and payment channels seeking a swifter time-to-market approach.”
Bayad Overseas – Expanding Opportunities for Global Filipinos
The introduction of Bayad Overseas now offers Filipinos worldwide a seamless method to settle their bills in the Philippines, enriching their financial experiences on a global scale. Bayad Overseas is geared towards aiding and uplifting the global community of Overseas Filipino Workers (OFWs) by furnishing a secure, accessible, and dependable payment solution for their bill settlements.
“In targeting the global OFW market, partner with the preferred biller aggregator and the most trusted brand among Filipinos for their payment requisites. Through Bayad’s extensive network of physical and digital payment channels, Filipinos can confidently engage in secure, convenient, and reliable payment transactions, tailored to their individual preferences,” highlighted Ferrer, extending the invitation to the audience.
Partnership for the Future
Ferrer wrapped up his presentation by extending a warm invitation to potential partners, underscoring Bayad’s steadfast commitment to integrity, reliability, and trust.
“At Bayad, we’re dedicated to shaping a brighter future in fintech. Join hands with us as a Bayad partner today, and let’s drive the global digital economy’s expansion together,” he expressed.
Moreover, Bayad actively engaged in a booth exhibition alongside over 500 fintech entities worldwide, spotlighting its expansive biller ecosystem.
“Acting as the singular transaction hub for billing institutions and payment channels, Bayad offers a swift time-to-market approach, positioning us as the preferred biller aggregator,” highlighted Mr. Ferrer.
Bayad’s involvement in the 2023 Singapore Fintech Festival represents a significant stride toward its goal of empowering individuals and businesses with seamless and accessible bill payment solutions, both locally and internationally.
To join Bayad’s extensive international channel network, inquiries can be directed to partnerships@bayad.com.
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