[FEATURING] CIS Bayad Center Secures E-Wallet Service License

PAYMENT collection business CIS Bayad Center Inc. recently acquired its license to operate as an electronic money issuer (EMI) from the Bangko Sentral ng Pilipinas (BSP).

The financial technology (fintech) player that operates the “Bayad” app said the EMI license permits the company to provide e-wallet services. It allows the company to convert a consumer’s cash into electronic money, which can be used to pay bills, remit money, purchase mobile load and settle transactions with partner merchant stores online.

The firm said customers can withdraw and add money to their e-wallets via online bank transfers and over-the-counter transactions in Bayad Centers.

The fintech firm said its customers will be able to pay more than a thousand types of bills soon. These would include payment for utilities, insurance, government contributions and services, among others. The same service has been offered by the company through its more than 45,000 physical touch-points in the country.

Apart from this, Bayad said that it will enable QR (quick response) payments, rewards, insurance, savings accounts, personal loans and credit scoring.

“The ‘Bayad’ app and ‘Bayad Online,’ provide a seamless and convenient way of paying and managing funds,” CIS Bayad Center President and CEO Lawrence Y. Ferrer said. “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 commitment.”

Bayad Online is a web-based one-stop shop for all essential bill payments, serving as an extension of the Bayad Centers.

The fintech firm said that digitalization of payments is a “strategic route” to attracting more customers, sharing BSP’s sentiments that online payment options allow financial inclusion and economic growth.

“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,” BSP Director of Technology Risk and Innovation Supervision Department Melchor T. Pabasan said.

“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,” Pabasan added.


Tyrone Jasper C. Piad

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