MANILA, Philippines — Leading multi-channel payment platform provider CIS Bayad Center Inc. booked a 130 percent jump in online payments as of end-August amid the shift in consumer behavior due to the coronavirus disease 2019 or COVID-19 pandemic.
Lawrence Ferrer, president and chief executive officer at Bayad Center, said the pioneer and market leader in the bills payment collection industry aims 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,” Ferrer said.
The subsidiary of Manila Electric Co. (Meralco) of the MVP Group of Companies recorded an exponential growth in digital transactions within its biller and partner network since May.
This is in line with the company’s expectation 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.
Digital transactions account for about 34 percent of the 10 million transactions monthly, coming from a 17 percent contribution before the entire Luzon was placed under enhanced community quarantine in the middle of March to prevent further spread of the deadly virus.
The ongoing pandemic is considered as a catalyst and driver to achieving this goal of the Bangko Sentral ng Pilipinas (BSP) to raise the share of electronic payments to 50 percent of total financial transactions in the country by 2023.
BSP launched the National Retail Payments System (NRPS) in December 2015 paving the way for electronic fund transfer platforms PESONet and Instapay. It was aimed at raising the share of electronic payments to total transactions to 20 percent by 2020.
Latest data from the Better Than Cash Alliance (BTCA) showed the volume of e-payments in the country increased to 10 percent in 2018 from only one percent in 2013, while the share of the value jumped to 20 percent from eight percent.
Ferrer said Bayad Center remains committed to making payments and other financial services more accessible, convenient, and secure.
Backed with over 20 years of experience in the outsourced bills payment collection industry, Bayad Center continues to strengthen its onsite to online platform to give customers wider options in doing financial transactions with 39,000 payment touch points and more than 1,900 billers to date.
Aside from bills payments, its service portfolio also covers domestic and international remittance, insurance sales, medical reimbursement, ATM cash withdrawal, loan disbursement, among others.