Pera transaction app Bayad was granted a license by the Bangko Sentral ng Pilipinas (BSP) to operate as an Electronic Money Issuer (EMI).
Use of e-wallets or electronic wallets skyrocketed during the pandemic when people opted for digital or online transactions. The use of cashless payment also experienced growth and more establishments and small businesses adopted this mode of payment.
Realizing the growing need for alternative options, Bayad will now be offering e-wallet services. The accreditation allows the company to convert consumers’ cash into electronic money which they can use to transact online to pay bills, remit money, purchase mobile load, and shop for products and services in partner merchant stores. Customers can also withdraw and add money to their Bayad wallets through online bank transfers and over-the-counter Bayad Centers.
“We thank BSP for trusting us and allowing us to elevate the financial experience of our kababayans,” said Lawrence Y. Ferrer, president and CEO, Bayad. “The Bayad App and Bayad Online, provide a seamless and convenient way of paying and managing funds. Customers will have peace of mind because our products are built with reliable security features that will protect customer data and transactions, consistent with our brand’s #TatakSigurado commitment.”
Also in the pipeline is the addition of bills payments within the app. Before the digital pivot, Bayad Center’s over 45,000 physical touchpoints nationwide have been the go-to payment destination for many Filipinos. The Bayad app will also offer services such as QR payments, rewards, insurance, savings accounts, personal loans, and credit scoring will also be enabled.
Bayad continues to evolve as a full-service fintech company, offering a whole suite of financial products and services available through its physical and digital channels. Along with the introduction of the Bayad App, also launched was Bayad Online, a web-based one-stop shop for all essential bills, an extension of the Bayad Centers, offer the same safe, hassle-free, and reliable payment acceptance that is available 24/7 and can be accessed from anywhere in the world.
Both Bayad digital touchpoints are the first to feature real-time posting of Meralco payments through its system, enabling customers to keep track of their transactions and avoid missed deadlines. With a few clicks and taps, every customer is assured that their Meralco payments made through the Bayad App and Online are immediately posted in their accounts.