Bayad, the Philippines' largest multi-channel payment platform, recently took center stage at the 2023 Singapore Fintech Festival, reaffirming its commitment to transforming financial technology and expanding its global footprint. President and CEO Lawrence Y. Ferrer presented a compelling vision for the role of bill payments in catalyzing digital economic growth in the Philippines.
Fueling Progress: Bill Payments as the Catalyst for Digital Economic Growth
In his insightful presentation, Mr. Ferrer underscored the pivotal role of bill payments in the Philippine economy. With the country ranking among the top receivers of global remittances, a digital shift in payment behavior is evident, projected to reach at least 50% in 2023. This aligns with the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas, reflecting the growing preference for digital transactions.
Bayad's Response to the Digital Wave
The surge in digital transactions in the Philippines, constituting 9.4% of the GDP in 2022, prompted Bayad to adapt. Lawrence Y. Ferrer expressed Bayad's commitment to meeting the demands of Filipinos for secure and convenient bill management solutions globally.
Bayad's Role in the Bill Payment Industry
Having served as a trusted brand for 26 years, Bayad has evolved into the premier bill payments aggregator. Boasting an extensive ecosystem, Bayad caters to over 3,000 biller brands, covering a diverse range of services. With over 400,000 physical touchpoints and connectivity to 80 million subscribers, Bayad stands as a unifying force in the bill payment industry.
Bayad Overseas Empowers Global Filipinos
Bayad Overseas, a groundbreaking initiative, enables Filipinos worldwide to conveniently pay bills in the Philippines. Specifically designed for Overseas Filipino Workers (OFWs), Bayad Overseas ensures secure, convenient, and reliable bill payments, enriching the financial experiences of global Filipinos.
Partnership for the Future
In concluding his presentation, Mr. Ferrer extended an invitation to potential partners, emphasizing Bayad's commitment to integrity, reliability, and trust. With a mission to shape a better world of fintech, Bayad seeks collaborations that fuel the expansion of the global digital economy.
Bayad's active participation in the 2023 Singapore Fintech Festival included a booth exhibition, where it showcased its extensive biller ecosystem alongside more than 500 fintech companies worldwide. Mr. Ferrer highlighted Bayad's role as the biller aggregator of choice, offering a faster time-to-market approach.
Bayad's presence at the 2023 Singapore Fintech Festival signifies a significant stride toward its mission of empowering individuals and businesses with seamless and convenient bill payment solutions on a global scale. As Bayad continues to revolutionize the fintech landscape, it invites forward-looking partners to join hands in shaping a future where financial transactions are secure, convenient, and accessible for all.