BILLS PAYMENT firm CIS Bayad Center, Inc. had rebranded to Bayad as it boosts its digital presence.
“Expect a bigger Bayad as we continue to grow our network of partners as we navigate in this new normal,” CIS Bayad Center President and Chief Executive Officer Lawrence Y. Ferrer said during the online launch of the rebranded bills payment arm of Manila Electric. Co. on Thursday.
Mr. Ferrer said Bayad’s new look and identity “speaks to the younger generation of payers.”
Users can tap Bayad’s services at www.online.bayad.com or through its app.
The revamped Bayad Online include a bill reminder feature and a dashboard for payments where users can manage their transactions.
“The app carries an array of valuable features such as e-wallet and e-load, bills viewing and payment, personal financial manager, QR payments, rewards, insurance, savings accounts, personal loans, and credit scoring system,” the company said in a statement on Thursday.
Bayad said it had seen a decrease in transaction volumes amid restriction measures.
“[This is because the majority of our channels are brick and mortar,” Bayad Marketing Head Wendell P. Labre said.
He said they saw digital payments grow to make up 30% of total transactions from just 10% before the pandemic.
“In terms of volume, we’re normally processing 10 million transactions monthly. During lockdown, transactions went down to as low as 30%, but as of December [it has been] gradually growing at 80% of monthly volume,” Mr. Labre said.
More firms have been shifting to electronic transactions to adapt to the changes caused by the crisis.
The central bank wants to make the country a cash-lite society by 2023 where e-payments will make up 50% of total transactions both in volume and value. — L.W.T. Noble