Home Lifestyle Bayad Center records growth in digital transactions amid pandemic

Bayad Center records growth in digital transactions amid pandemic

CIS Bayad Center Inc., the biggest and widest multi-channel payment platform in the Philippines, reports an exponential growth in digital transactions within its biller and partner network since the month of May 2020. The company said this is in line with its expectation that digital transactions in the country will continue to grow in the context of the “new normal” where shifting activities online provides a greater sense of security and continuity, as well a path to economic recovery.

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. 

Backed with over 20 years of experience in the outsourced bills payment collection industry, 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. 

Recently appointed Bayad Center CEO and President, Lawrence Y. Ferrer noted that “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. 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.” Bayad Center remains committed to making payments and other financial services more accessible, convenient, and secure.

-- Advertisement --
-- Advertisement --
-- Advertisement --
-- Advertisement --

Latest Articles

Santa on a bike: Meet Bike Camper JBelo who pedals around the city to...

The year has been rough and challenging for everyone. But while some people seem to have lost hope, there are individuals who...

CISCO to present at PH Digicon 2020

PLDT Enterprise’s first virtual PH Digital Convention gathers digital industry experts Cisco Systems, Inc., is set to present...

Toyota gives Hiace Commuter owners livelihood push with Oil-In offer

The ongoing pandemic has greatly affected transportation, further underscoring the importance of mobility for people from all walks of life. As quarantine...

Dare to move it, move it! realme Philippines, Anytime Fitness want you to stay...

As a young video content creator and influencer, Ry Velasco makes sure she remains healthy, fit and safe while adhering to protocols...

Rolls-Royce welcomes new ‘Class Of 2020’ Apprentices to Goodwood

Rolls-Royce Motor Cars has welcomed 18 new Apprentices – the ‘Class of 2020’ – to the Home of Rolls-Royce at Goodwood, West...


2nd Opinion
Delivering the latest news, features, and product reviews in the worlds of cars, technologies, and lifestyle since September 2014.



Please enter your comment!
Please enter your name here