TWO leading financial services providers, Bayad, the country's most trusted payments authority, and Maybank Philippines Incorporated (Maybank), a member of the Maybank Group, Malaysia's regional financial services leader, teamed up to elevate Filipinos' digital banking and bills payment experience.
Bayad is boosting Maybank's bills payment capability by augmenting the list of billers exponentially, enabling users to settle financial obligations in a few clicks and swipes.
With the partnership, Maybank will be able to leverage Bayad's unrivaled network of over 300 biller partners and highly advanced system that can process electricity, water, telco, and other utility bills, including credit cards, loans, and government fees and contributions. This gives customers greater convenience and security as they can accomplish their transactions at their own pace and at the comfort of their own place.
Specifically for Meralco bills, Bayad offers real-time payment processing, meaning successful transactions made through the Maybank2U PH internet banking and mobile app are immediately processed and posted to the customer's account. This feature will help payors beat deadlines and avoid disconnection. Maybank shared that since the launch of the partnership with Bayad, average daily transactions of their Meralco payments increased substantially by more than 300 percent, indicating that more customers are appreciating the value of real-time payment posting.
Abigail Tina Del Rosario, Maybank Philippines PCEO-OIC and Community Financial Services head, said: "We are pleased with our collaboration with Bayad as it elevates our customers' bills settlement experience. The integration of our platforms allows us to combine strengths, multiply opportunities, and expand a shared user base. We will continue to co-create innovative services for our customers in view of their evolving needs in this time of pandemic."
Meanwhile, according to Lawrence Ferrer, Bayad president and CEO, "With the heightened role of the digital economy in the new normal, we are aggressively expanding our digital footprint and at the same time powering the bills payment features of other banks and fintech players. We believe that strategic alliances and working together are pivotal in making financial services accessible and meaningful."
Both Bayad and Maybank have been operating for more than two decades, continuously innovating financial services that help improve lives and communities, championing the advancement of both digital and physical payment touchpoints.
Bayad continues to boost its physical payment footprint with over 50,000 touchpoints nationwide. Early this year, Bayad introduced its all-in-one pera transaction mobile app called Bayad and web-based payment facility, Bayad Online. (PR)