In the face of an expanding digital economy and the country’s aim to become a cash-lite society, Bayad, the Philippines’ most trusted payment authority, obtained its license to operate as an Electronic Money Issuer (EMI) from the Bangko Sentral ng Pilipinas.
The EMI license authorizes the company to deliver e-wallet services through its newly revamped all-in-one pera transaction app, Bayad. The accreditation allows the company to convert consumers’ cash into electronic money which they can use to transact online to pay bills, remit money, purchase mobile load, and shop for products and services in partner merchant stores. In addition, customers can withdraw and add money to their Bayad wallets through online bank transfers and over-the-counter Bayad Centers.
Bayad App customers can soon expect to pay over 1,000 types of bills – from utilities, insurance, government contributions and services, and more – a service that has long been enjoyed by payers transacting through Bayad’s over 45,000 physical touchpoints nationwide. Other valuable services such as QR payments, rewards, insurance, savings accounts, personal loans, and credit scoring will also be enabled.
Bayad sees the digitalization of payments as a strategic route to attracting the next-generation payers, to experience and gain trust in digital financial services. The company shares BSP’s belief that online payments – being accessible, convenient, and secure, is an engine of financial inclusion and economic growth.
According to Melchor T. Plabasan, BSP Director of Technology Risk and Innovation Supervision Department (TRISD), “The COVID-19 pandemic became the unexpected catalyst that catapulted digital financial services to new heights as Filipinos look for convenient, safe, and efficient means to receive and transfer funds, pay bills, and shop for necessities. In response to this need, the BSP continues to provide an enabling environment that encourages financial innovation while safeguarding the integrity and stability of the financial system.”
“We thank BSP for trusting us and allowing us to elevate the financial experience of our kababayans. The Bayad App and Bayad Online, provide a seamless and convenient way of paying and managing funds. Customers will have peace of mind because our products are built with reliable security features that will protect customer data and transactions, consistent with our brand’s #TatakSigurado commitment,” said Bayad President and CEO, Lawrence Y. Ferrer.
Bayad continues to evolve as a full-service fintech company, offering a whole suite of financial products and services available through its extensive physical and digital channels. Along with the introduction of the Bayad App, also launched was Bayad Online, a web-based one-stop shop for all essential bills, an extension of the Bayad Centers, offer the same safe, hassle-free, and reliable payment acceptance that is available 24/7 and can be accessed from anywhere in the world.
Both Bayad digital touchpoints are the first to feature real-time posting of Meralco payments through its system, enabling customers to keep track of their transactions and avoid missed deadlines. With a few clicks and taps, every customer is assured that their Meralco payments made through the Bayad App and Online are immediately posted in their accounts.