The age of digital transformation has paved the way for greater inclusion of technology into daily tasks and allowed fintech to be widely embraced by Filipinos. With the emergence of cutting-edge technologies that enable contactless payments, the enhanced convenience in bills payments and other banking transactions has empowered consumers to manage their finances easier.
Fintech has not only revolutionized how businesses deliver their products and services to customers, but also challenged them to ensure that they cater to the evolving requirements of their stakeholders.
With digital transformation at the core of its operations, Bayad, Manila Electric Company's (Meralco) wholly owned unit and the pioneer brand in the outsourced payment collection system, committed to championing financial inclusivity. Through strategic partnerships, Bayad expands its capabilities and reach to make it easier for all members of society to thrive in this emerging digital economy.
'We believe everyone deserves access to financial services, regardless of their background or circumstances. As the Philippines is Tala's innovation hub and its largest market in Asia, we view this collaboration with Bayad as part of our ongoing commitment to financial inclusion as we step up to help revive our economy,'
As the one-stop shop and go-to payment facility for utilities and services such as electricity, water, and telecommunications bills, Bayad now has more than 100,000 touchpoints across the Philippine archipelago — a testament to its commitment to continuously expand its reach and enhance its digitized financial services.
Forging strategic partnerships
Building strategic partnerships with like-minded stakeholders over the years has allowed Bayad to demonstrate agility and prompt adaptation to the rapidly changing payment landscape.
Earlier this year, Bayad partnered with PalawanPay, the fintech expansion arm of Palawan Pawnshop Group. The latter offers fund transfers, cash-in and cash-out transactions, domestic remittances, and bills payment services.
In this partnership, Bayad takes the role of biller aggregator, bringing in an additional 71 biller brands to PalawanPay's mobile app, resulting in more convenient options for customers to settle their bills.
"We share our commitment with PalawanPay in financially empowering more and more Filipinos from all walks of life. Whether they are homemakers, students independently living far from their families, busy professionals, or even Filipinos overseas, our financial services can be conveniently accessed whenever, wherever, through the PalawanPay app," Bayad President and CEO Lawrence Y. Ferrer said.
The successful partnership with PalawanPay was quickly followed by a strategic collaboration with BillEase, a top-rated consumer finance app for mass market and emerging middle-income consumers.
With the integration of the Bayad bills payment feature, customers can conveniently settle their bills through installments. BillEase mobile app users can pay their bills in two card-less payment transactions with installment options: Pay Later for expenses up to PHP 1000, and Pay Monthly over a period of three, six, nine, or 12 months for transactions with interest rates up to 3.49%.
"Our partnership with Bayad plays a pivotal role in the promotion of financial inclusion and digitalization in the country, as we enable accessible and convenient bills payment services that aim to help our customers manage all their finances in one app," said Georg Steiger, Chief Executive Officer and Co-Founder of BillEase.
'We work hard to provide better benefit coverage and improved collections, as we push forth for financial inclusion and make our services more accessible towards the grassroots level. We are one with Bayad in this path of growth'
Recognizing its shared commitment with BillEase, Bayad's Mr. Ferrer said: "We are one with BillEase in leveraging financial digitalization through our one-stop-shop payment solution. We are steadfast in bridging people and businesses as we continue to scale up our billers in the BillEase app."
In its continued effort to strengthen its role as an all-in-one payment solution, Bayad also joined hands with Go VIP Center, a business solutions and financial services provider.
The partnership has enabled over 1,000 Go VIP payment centers to accept bills payments for basic utilities and government contributions including Meralco, PLDT, and Metro Manila Development Authority (MMDA).
In anticipation of the array of benefits from the partnership, Go VIP Center President and CEO Julie M. Estares said: "By integrating Bayad's payment collection system into our services, we can enhance the convenience and accessibility of bill payments for our customers, further streamlining their financial transaction."
"We're proactively expanding our biller ecosystem as we maximize a one-stop-shop payment experience, especially for our kababayans who are always on the go. Our goal has always been centered on elevating the financial experience of Filipinos," Bayad's Mr. Ferrer, for his part, said.
Apart from enabling its partners to have nationwide presence, Bayad also provides end-to-end support services for efficient payment and collection processing, effectively elevating the level of convenience catered by its network of billers to its customers.
The newest addition to Bayad's roster of partners is Tala Financing Philippines Inc., a global money lending app. Through the partnership, over one million Tala customers will have access to Meralco bill payments through the latter's mobile application.
Furthermore, they can settle bills in real time using cash credits of up to PHP25,000, payable within 61 days through Tala's flexible credit terms.
"We believe everyone deserves access to financial services, regardless of their background or circumstances. As the Philippines is Tala's innovation hub and its largest market in Asia, we view this collaboration with Bayad as part of our ongoing commitment to financial inclusion as we step up to help revive our economy," said Tala's Chief Business Officer Jori Pearsall.
Recognizing valuable partnerships
Bayad regards its partners as an invaluable part of the company's success. Hence, it is only fitting to recognize their remarkable contributions in promoting financial accessibility for all.
This year, Bayad named Social Security System (SSS) as its Outstanding Partner for Bills Pay. SSS topped the list of Bayad billers for two straight years after posting the highest growth in payment transaction volume, which translates to the improved collection for the state-run institution.
Deeply honored, SSS received the recognition from Bayad, which has inspired them to explore new processes for the benefit of their members, pensioners, and other stakeholders.
'We are one with BillEase in leveraging financial digitalization through our one-stop-shop payment solution. We are steadfast in bridging people and businesses as we continue to scale up our billers in the BillEase app.'
"We work hard to provide better benefit coverage and improved collections, as we push forth for financial inclusion and make our services more accessible towards the grassroots level. We are one with Bayad in this path of growth," SSS President and Chief Executive Rolando L. Macasaet said.
Aiming to serve customers across the country and overseas, Mr. Ferrer said, "We continue to expand our physical and digital payment touchpoints for SSS contributions as we reach various communities not only in the urban setting, but also in far-flung areas of the country and even abroad."
As an advocate of financial inclusivity, Bayad remains resolute in breaking down barriers that hinder the accessibility of fintech services for all. Through payment innovations and strategic partnerships, Bayad continues to empower each and every Filipino toward a brighter future, one financial transaction at a time.