Understanding Filipinos’ diverse and evolving financial needs, CIS Bayad Center, Inc., the country’s biggest and widest multi-channel payment platform, is bent on strengthening its brick-and-mortar business alongside its efforts to expand its digital footprint.
About 64% of the 10 million monthly transactions come from over-the-counter payments as physical touchpoints have reached 40,000 as of third quarter of 2020. During this period, 26 new branches were opened while 10 digital & authorized partners and 13 new billers were activated as well.
Bayad Center’s biller and partner acquisition efforts play a critical role in continuously expanding its onsite to online platform (O20), giving Filipinos wider payment options and greater accessibility to relevant financial services.
One of Bayad Center’s new partners is Light Rail Manila Corporation (LRMC). Together, the two companies will pilot a bills payment counter at the ticket booth of LRT-1 Balintawak station in Quezon City. The initiative will allow the millions of LRT-1 passengers to pay their bills on-the-go while commuting to different parts of the Metro. They can settle over 300 types of bills accepted including utilities, government contributions and loan payments, airline ticketing, and more.
According to Bayad Center President and CEO, Lawrence Y. Ferrer, “Value creation through innovation is a common ground for us at Bayad Center and LRMC. Commuting and paying bills are central activities in Filipinos’ daily routine. Incorporating the two endows greater efficiency and convenience.”
The Bayad Center at LRT-1 Balintawak Station will start serving the public in December. The partners are also planning to open outlets in more LRT-1 stations, specifically those within residential areas.
“We know that a lot of Filipinos still prefer cash and physical transactions notwithstanding the emergence of digital payments. We will champion both avenues because what is most important to us is to bring financial services closer to them,” Mr. Ferrer concluded.
For partnerships and collaborations, interested parties can connect with Bayad Center by emailing [email protected].