Bayad, the biggest and widest multi-channel payment platform in the Philippines, showcased its commitment to advancing financial technology and expanding its global presence at the 2023 Singapore Fintech Festival.
The highlight of Bayad’s participation was the thought-provoking presentation by President and CEO Lawrence Y. Ferrer, where he shared valuable insights on the pivotal role of bill payments in catalyzing digital economic growth.
In his presentation titled “Fueling Progress: Bill Payments as the Catalyst for Digital Economic Growth,” Ferrer emphasized the importance of bill payments in the Philippines and its significant contribution to the country’s economy.
The Move Toward Digital
Currently, the Philippines ranks as the largest recipient of money remittances in Southeast Asia, 3rd in Asia, and 4th globally, with the World Bank predicting continued growth in remittances.
Payment behavior in the Philippines is shifting towards digital transactions, with a projected increase to at least 50% in 2023, aligning with the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas.
The digital economy clearly continues to grow, as “Every day, more and more people are choosing to make digital transactions, as seen in the 9.4% share of the digital economy to the GDP of the Philippines in 2022. With the growing Philippine market globally and the increasing preference for digital payment platforms, we want to answer to the demand of Filipinos for a secure and convenient way of managing their bills, wherever they may be, by creating solutions anchored in their bill payment needs,” said Ferrer.
Bayad’s Role in the Bill Payment Industry
Given this, Bayad, formerly known as Bayad Center, has continued to be a trusted brand in the industry for 26 years, initially serving MERALCO customers with alternative bill payment outlets.
Now with a massive ecosystem, Bayad has evolved into the premier bill payments aggregator, serving over 3,000 biller brands from both public and private sectors, covering a wide range of services, including electric and water utilities, telecommunications, government contributions, airline booking payments, loans, e-loading, e-wallet top-ups, toll RFID loading, insurance, memorial and more.
“And of course, with our dedication to providing Filipinos more payment channels to access our biller partners, we continue to strengthen our omnichannel presence. We currently have over 400,000 physical touchpoints and we are connected to over 80 million subscribers of leading digital and mobile platforms, spread across domestic and international borders,” pointed out Ferrer.
“In fact, 9/10 of all banks and fintechs are connected through our bill payment trail. We stand as a single point of transaction for billing institutions and payment channels who want a faster time-to-market approach,” he emphasized.
Bayad Overseas – Expanding Opportunities for Global Filipinos
With the launch of Bayad Overseas, Filipinos around the world now have a convenient way to pay their bills in the Philippines, enhancing their financial experiences globally.
Bayad Overseas aims to support and uplift the global market of Overseas Filipino Workers (OFWs) by providing a secure, convenient, and reliable payment solution for their bill payment needs.
“Capture the global OFW market by partnering with the biller aggregator of choice and the most trusted brand by Filipinos for their payment needs. With Bayad’s physical and digital payment touchpoints, Filipinos are assured of a safe, convenient, and reliable payment transaction whatever their payment style may be,” Ferrer said as he invited the audience.
Partnership for the Future
Ferrer concluded his presentation by welcoming potential partners to collaborate with Bayad, emphasizing the company’s commitment to integrity, reliability, and trust.
“Bayad is with you in shaping a better world of fintech. Become a Bayad partner today and together, let’s fuel the expansion of the global digital economy,” he said.
Bayad also participated in a booth exhibition, alongside more than 500 fintech companies from around the world, showcasing its massive biller ecosystem.
“As a single point of transaction for billing institutions and payment channels, Bayad offers a faster time-to-market approach, making us the biller aggregator of choice,” said Ferrer.
Bayad’s participation in the 2023 Singapore Fintech Festival marks a significant step toward its mission of empowering individuals and businesses with seamless and convenient bill payment solutions, both domestically and internationally.
