Bayad Center says it posted dramatic rise in digital transactions amid COVID-19

Bills payment collection chain CIS Bayad Center Inc. said Friday it saw an exponential growth in digital transactions as lockdowns forced many customers to go online in settling their bills.

In a statement, Bayad Center said the rise in digital transactions or online payment 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, the company said online payments recorded a year-on-year growth rate of 130% compared to the same period last year.

Likewise, digital transactions account for about 34% of the 10 million transactions monthly from a 17% contribution before the lockdown period.

“This trajectory resonates with the Bangko Sentral ng Pilipinas’ (BSP) move to make e-payments account for 20% of the overall financial transactions in the country and reach 50% by the year 2023,” Bayad Center said.

The ongoing pandemic is considered as a catalyst and driver to achieving this goal earlier, according to the company.

Bayad Center said it continues to strengthen its onsite-to-online (O2O) platform to give customers wider options in doing financial transactions.

The company said it has 39,000 payment touchpoints and more than 1,900 billers to date. 

Bayad Center said its service portfolio covers not only bills payments but also domestic and international remittance, insurance sales, medical reimbursement, ATM cash withdrawal, loan disbursement and more.

“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,” Bayad Center president and CEO Lawrence Ferrer said.

“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. — Ted Cordero/RSJ, GMA News