MAYBANK Philippines, Inc. (Maybank) has teamed up with CIS Bayad Center, Inc. (Bayad) to expand its bills payment services for its clients.
Through the partnership, users of Maybank2U PH will be able to settle payments to over 300 billers that are part of Bayad’s network.
“The integration of our platforms allows us to combine strengths, multiply opportunities, and expand a shared user base. We will continue to co-create innovative services for our customers in view of their evolving needs in this time of pandemic,” Abigail Tina M. del Rosario, Community Financial Services Head at Maybank Philippines, said in a statement.
Average daily payments for bills from Manila Electric Co. surged by more than 300,000 since the partnership was launched, Maybank said.
Aside from electricity bills, the partnership also allows Maybank clients to pay for their water, telecommunications and credit card bills as well as for loans, government fees and contributions.
“With the heightened role of the digital economy in the new normal, we are aggressively expanding our digital footprint and at the same time powering the bills payment features of other banks and fintech players,” Bayad President and Chief Executive Officer Lawrence Y. Ferrer said.
Bayad has over 50,000 touchpoints across the country. Users can also tap its services through its website and app.
Businesses have moved to facilitate digital transactions including bills payments due to restriction measures amid the coronavirus pandemic.
Earlier this year, Bayad Marketing Head Wendell P. Labre said they saw a decrease in overall transactions primarily due to their heavier presence in brick-and-mortar channels. He, however, said digital payments increased to make up 30% of total transactions through Bayad from just 10% prior to the pandemic.
The Bangko Sentral ng Pilipinas aims to make the country a cash-lite economy by 2023 where online payments are expected to make up 50% of total transactions, both in terms of value and volume. — LWTN