Driving economic growth through digital bill payments
‘Every day, more and more people are choosing to make digital transactions, as seen in the 9.4 percent share of the digital economy to the GDP of the Philippines in 2022’
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‘Every day, more and more people are choosing to make digital transactions, as seen in the 9.4 percent share of the digital economy to the GDP of the Philippines in 2022’
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 presentation by president and CEO Lawrence Y. Ferrer where he shared valuable insights on the pivotal role of bill payments in driving 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.
Currently, the Philippines ranks as the largest recipient of money remittances in Southeast Asia, the third in Asia and the fourth globally, with the World Bank predicting continued growth in remittances.
Payment behavior in the Philippines is shifting toward digital transactions, with a projected increase of at least 50 percent in 2023, aligning with the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas.
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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 percent 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," Ferrer said.
Given this development, 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," Ferrer said.
"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 added.
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 by providing a secure, convenient and reliable payment solution for their bill payment needs.
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.
