Bayad president and chief executive officer Lawrence Ferrer (Screengrab from the company’s rebranding event)
MANILA – More government agencies will be onboarded on Bayad’s line-up as the latter supports the government’s digital payment and transactions bid.
This was stressed by Bayad president and chief executive officer (CEO) Lawrence Ferrer during a virtual event for the company’s rebranding that was streamed over its Facebook page Thursday. The company was previously known as Bayad Center.
“Bayad supports digital payment and financial transactions for government institutions,” he said.
Bayad accepts payment for insurance, electronic phone load, loan payout, airline ticketing, remittance, and medical reimbursements.
It also accepts contribution and loan payments for several government agencies like Pag-IBIG Fund, and the Government Service Insurance System (GSIS), as well as payments for services of the National Bureau of Investigation (NBI) and some local government units.
These payments can be done through Bayad’s branches nationwide and its 24/7 service through its online portal, Bayad Online.
Since Bayad has evolved into a full-service fintech, it has introduced a mobile app that is available through the App Store for iOS users and Google Play Store for Android users.
However, payments for government agencies that are currently available through the app are for NBI and Pag-IBIG.
“At the heart of this transformation is the mission to innovate payments and financial solutions for everyone,” Ferrer said.
He said technological innovations have resulted in “a new world order”, which significantly increased its importance during the pandemic.
He added Bayad is “transforming to keep pace with the times and people we serve” and is “guided by our belief that Filipinos deserve to be rewarded for their hard work.”
Bayad marketing head Wendell Labre told journalists in a Viber message that because most of their channels are physical branches, the number of transactions dropped when the government implemented lockdowns.
“However, we can share that our digital transactions (thru GCash, PayMaya, Lazada, etc) significantly increased to 30 percent of our total volume from 10 percent pre-pandemic,” he said. (PNA)
