Bayad, formerly known as Bayad Center, the pioneer brand in the outsourced bills payment collection service in the Philippines, and now a full-service fintech subsidiary of Manila Electric Company (Meralco), has been pursuing a multi-faceted strategic approach to drive innovation in the Philippines’ financial services industry.
Under the leadership of President and Chief Executive Officer Lawrence Ferrer, Bayad has been implementing initiatives that foster a culture of collaboration and create an empowering work environment – allowing the company to effectively come up with products and services that revolutionize how customers and businesses engage with financial services.
By leveraging cutting-edge technology and a deep understanding of customer needs, Bayad has set new industry benchmarks for innovation.
“Innovation need not be a product or service; it is a mindset where anyone in the company can participate,” said Ferrer at the recently concluded 2024 Growth Summit, an internationally acclaimed conference brought to the Philippines that highlights discussions on customer engagement, data analytics, strategic marketing, and business innovation.
For Ferrer, innovation is not something you delegate but inspire in every person.
“I believe in fostering a culture of collaboration and accountability,” he mused. “Innovation doesn’t just come from the top but from the collective ideas of empowered individuals across the company.”
Bayad has been proven versatile and accomplished in product innovation and business development for over 27 years, as it successfully expanded its brick-and-mortar presence to offering digital solutions that aim to foster a cash light Philippine economy.
Pivoting from Bayad Center to Bayad
The shift from Bayad Center to Bayad demonstrates a solid commitment to expanding the company’s offerings through a wide range of financial services beyond bill payments, which subsequently helped in significantly improving its market presence.
Bayad has expanded its portfolio of bills payment solutions, fundamentally changing how customers interact with financial services.
By collaborating with e-commerce giants to MSMEs, Bayad has enriched its ecosystem, enabling it to reach a wider audience and seamlessly integrate its services into everyday transactions.
Apart from boosting its payment center franchising model and introducing its mobile application Bayad App and web application Bayad Online, Bayad has also successfully powered the bills payment capability of its Bayad Partners covering over 130,000 physical establishments in the country ran by leading brands for convenience stores, department stores, pawnshops, among others.
Moreover, Bayad has enabled community store owners to become Bayad Agents, bringing its financial services to the grassroots level through its retail application Bayad Asenso.
In addition, Bayad is also the bills payment system behind leading e-wallet providers in the country, allowing over 120 million Filipinos to access a wide range of applications for their bills payment essentials.
From electric and water utility, to telecommunications, internet, tollway RFID, postpaid and prepaid load, loans, insurance, and government payments, all of them can now be easily settled with any form of payment platform.
Catering to the “Now Generation” Consumers
Bayad continues to strengthen its commitment to customer satisfaction not only by expanding its service offerings but by also advancing its backend technology.
Understanding the Now Generation of Millennials and Gen Zs where instant gratification is an expectation and not just a mere preference, Bayad launched its real-time posting solution called Bayad RTP.
The current industry-practiced payment posting is 24-48 hours from the time of transaction. Substantially Bayad’s RTP system instantaneously posts bill payment without delay, leveraging its strong business relationships with its more than 400 biller partners.
Cultivating a Collective Mindset on Innovation Ideas are building blocks of innovation. Bayad firmly believes that even the smallest ideas can have the biggest impact. It is vital to the fintech company to foster an environment where these ideas can thrive, empowering and encouraging team members to contribute their unique perspectives. Coupled with a deep understanding of how fintech can positively transform the experience of Filipino consumers, Bayad continuously endeavors to drive innovation in the industry. “There is no monopoly of ideas,” Ferrer said. “In the fintech space, agility is key, so we equip our teams with the tools and knowledge they need to stay ahead.” Bayad has consistently displayed a progressive and visionary mindset, which has propelled the company’s advancement and significantly bolstered its market position. This forward-thinking approach continues to guide Bayad towards even greater success and impact, inspiring others in the industry to innovate and excel.