CIS Bayad Center Inc., a multi-channel payment platform in the Philippines, reports growth in digital transactions within its biller and partner network since May 2020.
Citing a study, Bayad Center said as of August 2020, online payments recorded a year-on-year growth rate of 130% compared to the same period last year. Digital transactions account for about 34% of the 10 million transactions monthly, coming from a 17% contribution before the lockdown period.
This trajectory resonates with the Bangko Sentral ng Pilipinas’ (BSP) move to make e-payments account for 20% of the overall financial transactions in the country and reach 50% by the year 2023. The ongoing pandemic is considered as a catalyst and driver to achieving this goal earlier.
Bayad Center continues to strengthen its onsite to online (O2O) platform to give customers wider options in doing financial transactions. It has 39,000 payment touchpoints and more than 1,900 billers to date. The company’s service portfolio covers not only bills payments but also domestic and international remittance, insurance sales, medical reimbursement, ATM cash withdrawal, loan disbursement and more.
“As the pioneer and market leader in the bills payment collection industry, we aim to further contribute to building a more robust digital finance ecosystem in the country,” said Lawrence Y. Ferrer, CEO and president, Bayad Center. “We continue to expand our biller network and collaborations with banks, non-bank financial institutions, fintech companies, as well as government agencies to deliver services that are responsive to the changing needs and lifestyles of Filipinos.”