Bills payment operator Bayad revealed on Monday, May 3, that it has obtained its license to operate as an Electronic Money Issuer (EMI) from the Bangko Sentral ng Pilipinas (BSP).
The EMI license authorizes the company to deliver e-wallet services through its newly revamped mobile app Bayad. 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.
In addition, customers can withdraw and add money to their Bayad wallets through online bank transfers and over-the-counter Bayad Centers.
Bayad said its app users can soon expect to pay over 1,000 types of bills – from utilities, insurance, government contributions and services, and more — a service that has been offered by Bayad through its 45,000 physical touchpoints nationwide. Other services such as QR payments, rewards, insurance, savings accounts, personal loans, and credit scoring will also be enabled, the company said.
According to Melchor T. Plabasan, BSP director of technology risk and innovation supervision department (TRISD), “The Covid-19 pandemic became the unexpected catalyst that catapulted digital financial services to new heights as Filipinos look for convenient, safe, and efficient means to receive and transfer funds, pay bills, and shop for necessities. In response to this need, the BSP continues to provide an enabling environment that encourages financial innovation while safeguarding the integrity and stability of the financial system.”
Bayad said it sees the digitalization of payments as a strategic route to attracting the next-generation payers, to experience and gain the trust in digital financial services. The company said it shares BSP’s belief that online payments — being accessible, convenient, and secure — is an engine of financial inclusion and economic growth.
“We thank BSP for trusting us and allowing us to elevate the financial experience of our kababayans. The Bayad App and Bayad Online, provide a seamless and convenient way of paying and managing funds. Customers will have peace of mind our products are built with reliable security features that will protect customer data and transactions, consistent with our brand’s #TatakSigurado commitment” said Bayad president and CEO, Lawrence Y. Ferrer.
Bayad is currently transitioning as a full-service fintech company, offering a suite of financial products and services available through its physical and digital channels. Along with the introduction of the Bayad app, the company has also launched Bayad Online, a Web-based one-stop shop for all bills.
The company said its 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.