BayaniPay, a global payments solution platform, unveils its new Bills Pay service to enable Filipinos overseas to make direct payments of bills, services, and investments in the Philippines. The service also offers zero transaction fees and uses market-leading exchange rates.
Powered by the Philippine bank, BDO Unibank, BayaniPay’s Bills Pay also launched its global real estate payment service to help Filipinos in the United States conveniently and securely acquire and invest in homes and pieces of property in the Philippines.
BayaniPay partnered with the Philippines’ top property developers, SM Development Corp. (SMDC) and Ortigas Land Corp., to pioneer the real estate category of Bills Pay.
Payoneer: Demand for freelance work is growing
Filipinos spent 4.4 million hours using e-wallet apps in 2022
“We see a huge potential in this highly untapped market, which is marked by several barriers for overseas Filipinos,” said Winston Damarillo, CEO, BayaniPay. “These partnerships allow us to plug the gap in cross-border payments for the real estate investment market worth P1 trillion.”
The service offers customers the benefits of monthly auto debit and paying using an eligible funding source so they no longer have to open a separate bank account in the Philippines.
With Bills Payment, BayaniPay lets real estate developers collect, automate, and reconcile payments with ease through a custom dashboard.
The Philippine real estate market saw a boom in activity in the last couple of years, establishing its value of P1 trillion as of 2019, according to the latest Philippine Statistics Authority (PSA) report. According to the World Bank, overseas Filipinos are allotting as much as 60 percent of their remittances to property investments in the Philippines.
Through its collaboration with BDO Remit, BayaniPay amplifies its fintech capabilities to deliver more ways for global Filipinos to realize their dreams back home.
Since 2021, BayaniPay has been delivering innovative cross-border payment solutions to the Filipino American community with the goal of reducing cost and providing convenience every time they send money home.
Bills Pay also allows for the payment of tuition, medical expenses, utilities, and more, removing “middlemen” and hurdles like convenience fees that trouble them.
The Bills Pay service on the BayaniPay web app is now available for customers in California, Hawaii, New Jersey, and Alaska paying bills to the Philippines.