Rebranded as Bayad, the ubiquitous Bayad Center seeks to have a wider reach as remote payment becomes indispensable in the new normal.
Bayad taps digital channels in further bringing convenience to its clients.
Bayad president and CEO Lawrence Ferrer expressed his optimism with the rebranding as it reflects their pursuit of addressing the financial needs of every Filipino amid the pandemic.
Bayad encountered a decline in volume during the pandemic because majority of our channels are brick and mortar
“We see a new world order emerging from advances in technology, business and social spaces. We are transforming to keep pace with the times and people we serve,” Ferrer said during a virtual briefing.
“At the heart of this transformation is our mission to innovate payments and financial solutions that are meaningful for everyone,” he added.
According to him, they are exploring the possibility of more partnerships and collaboration with government institutions as they did in the past.
Deals volume drops
Bayad Marketing Head Wendell Labre said a significant decline in the volume of transactions was observed during the imposition of strict quarantine measures last year but witnessed a surge in accredited digital channels.
“Bayad encountered a decline in volume during the pandemic because majority of our channels are brick and mortar. However, we can share that our digital transactions (thru GCash, Paymaya etc.) significantly increased to 30 percent of our total volume from 10 percent pre-pandemic” Labre said.
We are transforming to keep pace with the times and people we serve.
“In terms of volume, we’re normally processing 10 million transactions monthly. During the lockdown, transactions went down to as low as 30 percent or 3 million but as of December, it is gradually growing at 80 percent of our monthly volume,” he added.
The new Bayad Online, as an extension of the Bayad Centers, offers the same safe, hassle-free and reliable payment acceptance that is available the whole day and can be accessed from anywhere in the world.