Multi-channel payment platform Bayad, formerly known as Bayad Center, said it secured a 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 all-in-one transaction, the Bayad said in a statement.
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, it said.
The payment firm said that with the EMI license its customers can withdraw and add money to their Bayad wallets through online bank transfers and over-the-counter payments.
Bayad said its app users can soon expect to pay over 1,000 types of bills – such as utilities, insurance, government contributions and services, among others – a service that has long been enjoyed by payers transacting through its over 45,000 physical touchpoints nationwide.
Other valuable services such as QR payments, rewards, insurance, savings accounts, personal loans, and credit scoring will also be enabled, it said.
“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 because 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.
“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,” said Melchor Plabasan, BSP director of Technology Risk and Innovation Supervision Department (TRISD).
