‘We created our channels like Bayad Online and the Bayad app and secured the necessary licenses.’
Fintech trailblazer Bayad president and CEO Lawrence Ferrer believes bridging traditional and digital businesses is the fastest route towards financial inclusivity.
Photograph by Larry Cruz for the Daily Tribune
Financial technology is reshaping the way people manage their money, and locally, one company has kept pace with the times while staying true to its roots.
Bayad, a trusted name in bill payment for decades, has undergone a digital revolution under the leadership of its president and CEO, Lawrence Ferrer.
With over 25 years of experience in the industry, Ferrer has led the charge to modernize Bayad, blending innovation with accessibility to meet the evolving needs of its diverse customer base.
Ferrer’s expertise in financial technology began in the early 2000s when he joined Smart and contributed to launching Smart Money, the Philippines’ first mobile wallet.
“Even before GCash, there was Smart Money. We were one of the first to launch a mobile wallet,” he said during an interview at Straight Talk, Daily Tribune’s online show.
His groundbreaking work also included developing electronic prepaid top-ups, replacing physical cards, and introducing smaller denominations like P30, which revolutionized the prepaid market and created new opportunities for sari-sari stores.
In 2018, Ferrer brought his innovative mindset to Bayad, formerly known as Bayad Center, a company primarily known for over-the-counter bill payments. Under his leadership, Bayad has undergone a dramatic transformation, pivoting toward digital solutions while maintaining its traditional services.
“Our business model was anchored primarily on over-the-counter, but for us to create growth and be resilient, we had to go digital. That was before the pandemic,” he explained.
For over two decades, Bayad has been at the heart of the Philippines’ payment ecosystem, evolving from a simple over-the-counter collection service into the nation’s largest and most comprehensive multi-channel payment platform. Backed by its affiliation with the Manila Electric Co. (Meralco) and the MVP Group of Companies, Bayad has become a trusted partner for Filipinos navigating their financial transactions.
As a pioneer and leader in outsourced payment collection, Bayad has continually set the standard in the industry. By embracing innovation, the company has introduced self-service digital platforms, making payments accessible anytime and anywhere. The commitment to blending physical and digital services reflects Bayad’s mission to meet the ever-changing needs of its customers and provide seamless, convenient financial experiences.
Bayad’s expansive network boasts over 39,000 payment touchpoints across the country, including partnerships with leading retail chains, mobile apps and online payment platforms.
This makes it easier than ever for Filipinos to manage their financial obligations, whether through physical outlets or digital channels.
Beyond its hallmark bill payment services, Bayad also offers a diverse range of financial products, including domestic and international remittances, insurance sales, medical reimbursements, ATM withdrawals and loan payouts.
Processing more than 10 million transactions every month, Bayad has solidified its reputation as the authority in payments and a brand trusted by millions of Filipinos.
Bayad’s swift digital pivot proved prescient as the Covid-19 pandemic accelerated the adoption of cashless transactions. The company’s digital contribution, which stood at less than 10 percent in 2019, now accounts for about 60 percent of its business.
“We created our channels like Bayad Online and the Bayad app and secured necessary licenses. We now have three licenses: Remittance, payment systems and electronic money issuance,” Ferrer said.
These innovations have positioned Bayad as a critical player in the payment ecosystem, supporting banks and retailers with seamless integration through application programming interfaces and portals. Ferrer emphasized, “At the end of the day, our aspiration is that any form of payment, whether in the private or public sector, can be made available using Bayad.”
Despite the digital shift, Bayad has not neglected its traditional over-the-counter services. “The Bayad Centers still exist because there’s still a market that wants physical proof of payment,” Ferrer explained. With over 800 locations and partnerships with retail chains like Robinsons and 7-Eleven, the company ensures that bills can be paid conveniently anytime, anywhere.
Ferrer highlighted the company’s commitment to addressing customer pain points, such as introducing grace periods for disconnection notices.
“We have made a lot of improvements to address the pain points of consumers,” he said. These changes reflect Bayad’s dual mission of making payments accessible and empowering both digital natives and traditional users.
Rebranding from Bayad Center to Bayad was a strategic move aimed at capturing a younger, tech-savvy demographic while preserving the company’s trusted legacy. “We want to make sure we are more than just an outlet; we are embedded in the whole payment ecosystem,” Ferrer said. The name Bayad, which means “paid” in Filipino, symbolizes the company’s commitment to fulfilling the financial needs of its customers.
Ferrer’s vision for Bayad extends beyond its current offerings. He revealed plans to expand connectivity and integrate more services into the company’s ecosystem.
“We’re studying the process of connectivity, but that’s part of the roadmap,” he said. By continuing to innovate, Bayad aims to solidify its role as a leader in the payment solutions industry.
For Ferrer, innovation is not just about technology but also about responding to the evolving needs of Filipino consumers.
“We support the requirements of the Filipino community when it comes to payment,” he said. Under his leadership, Bayad has become more than a payment center; it is a versatile platform empowering Filipinos to manage their finances with ease and confidence.
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