FINANCIAL technology (fintech) companies CIS Bayad Center Inc. (Bayad) and Tala Financing Philippines Inc. (Tala) officially sealed last Tuesday a partnership the firms expect would further enhance their respective mobile services in the country.
Since 2017, Tala has been providing financial tools that help its customers manage their household expenses and help them navigate opportunities to invest in small businesses. Tala has recently reached one million wallet users on its mobile application since its official launch earlier this year. Through its partnership with Bayad, Tala now enables Meralco bill payments in its mobile application, while also offering quick and easy ways to pay loans, allowing its customers to settle their bills on time.
Tala Chief Business Officer Jori Pearsall said its customers can now pay their bills in real time using their credit of up to P25,000 all within the Tala app. With its flexible credit terms, Pearsall said customers have the freedom to choose when to repay within 61 days, aligning with their respective income cycles.
“We continue to strengthen our digital footprint by co-creating payment innovations with forward-thinking fintech institutions like Tala,” Bayad President and CEO Lawrence Y. Ferrer said. “We are one with Tala as we help boost the financial well-being of our kababayans [compatriots].”
Ferrer added the firm is keen “on expanding our biller ecosystem as we bring our one-stop bills payment solution in the Tala app.”
“With this, Tala will also soon be able to accept payments for other electric and water utilities, telecommunications, cable, internet, insurance, online shopping, and many others,” the CIS Bayad Center executive said.
“We believe everyone deserves access to financial services, regardless of their background or circumstances,” Pearsall was quoted in a statement as saying. “As the Philippines is Tala’s innovation hub, and its largest market in Asia, we view this collaboration with Bayad as part of our ongoing commitment to financial inclusion as we step up to help revive our economy.”
Ferrer said CIS Bayad Center is still looking for more partners to enable more Filipinos to access their services such as end-to-end support services for efficient payment and collection processing.