CIS Bayad Center Inc., the biggest and widest multi-channel payment platform in the Philippines, reported an exponential growth in digital transactions within its biller and partner network since the month of May 2020.
The company said this is in line with its 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.
As of August 2020, online payments recorded a year-on-year growth rate of 130 percent compared to the same period last year. Digital transactions account for about 34 percent of the 10 million transactions monthly, coming from a 17 percent contribution before the lockdown period.
This trajectory resonates with the Bangko Sentral ng Pilipinas' (BSP) move to make e-payments account for 20 percent of the overall financial transactions in the country and reach 50 percent by the year 2023. The ongoing pandemic is considered as a catalyst and driver to achieving this goal earlier.
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 wider options in doing financial transactions. It has 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."
Bayad Center remains committed to making payments and other financial services more accessible, convenient, and secure. (PR)