EXECUTIVES of CIS Bayad Center Inc. remain bullish on the growth prospects of the multi-channel bills-payment platform operator in the overseas Filipino workers (OFW) market.
This after the firm launched its “Bayad Overseas” platform at a recent financial technology (fintech) expo.
According to CIS Bayad president and CEO Lawrence Y. Ferrer, the platform provides a “secure, convenient and reliable payment solution” for the bill payment needs of OFWs “whatever their payment style may be.”
“We aim to capture the global OFW market by partnering with the biller aggregator of choice and the most trusted brand by Filipinos for their payment needs,” Ferrer said during the expo.
The CIS Bayad executive emphasized the importance of bill payments in the Philippines and its contribution to the country’s economy, which he described as significant sans providing figures.
“As a single point of transaction for billing institutions and payment channels, Bayad offers a faster time-to-market approach, making us the biller aggregator of choice,” Ferrer said, again without citing figures.
Currently, the Philippines ranks as the largest recipient of money remittances in Southeast Asia, third in Asia, and fourth globally, with the World Bank predicting continued growth in remittances.
Payment behavior in the Philippines is shifting towards digital transactions, with a projected increase to at least 50 percent this year, the company’s statement read.
“Every day, more and more people are choosing to make digital transactions, as seen in the 9.4-percent share of the digital economy to the gross domestic product of the Philippines in 2022,” Ferrer said.