Financial services providers payment firm Bayad and Maybank Philippines Inc. are collaborating to provide more payment channels to customers.
Bayad is boosting Maybank’s bills payment capability by augmenting the list of billers in its network, enabling users to settle financial obligations through the bank’s web and mobile apps. With the partnership, Maybank will be able to leverage Bayad’s network of over 300 biller partners and system that can process electricity, water, telco, and other utility bills, including credit cards, loans, and government fees and contributions.
Specifically for Meralco bills, Bayad offers real-time payment processing, meaning successful transactions made through the Maybank2U PH internet banking and mobile app are immediately processed and posted to the customer’s account. This feature will help customers meet payment deadlines and avoid disconnection. Maybank shared that since the launch of the partnership with Bayad, average daily transactions of its Meralco payments increased by more than 300%.
“The integration of our platforms allows us to combine strengths, multiply opportunities, and expand a shared user base,” said Abigail Tina Del Rosario, PCEO-OIC and head of Community Financial Services, Maybank Philippines. “We will continue to co-create innovative services for our customers in view of their evolving needs in this time of pandemic.”
“With the heightened role of the digital economy in the new normal, we are aggressively expanding our digital footprint and at the same time powering the bills payment features of other banks and fintech players,” said Lawrence Ferrer, president and CEO, Bayad. “We believe that strategic alliances and working together are pivotal in making financial services accessible and meaningful.”
Bayad continues to boost its physical payment footprint with over 50,000 touchpoints nationwide. Early this year, Bayad introduced its all-in-one pera transaction mobile app called Bayad and web-based payment facility, Bayad Online.