Volume of Bayad Center transactions normalizing

Bayad Center said the volume of transactions it has processed has started to normalize after dropping sharply due to mobility restrictions at the height of the coronavirus lockdowns.

Bayad president and chief executive officer Lawrence Ferrer said a new world order is emerging from advances in technology, business and social spaces.

“We are transforming to keep pace with the times and people we serve. But always, we are guided by our belief that Filipinos deserve to be rewarded for their hard work, and so we always think of ways to make payments and other financial services simple, fast, and readily available in every home and community,” Ferrer said.

Bayad marketing officer William Labre said transactions processed by the company fell to as low as 30 percent of the 10 million monthly average as Luzon was placed under enhanced community quarantine in mid–March last year to slow the spread of the virus.

“In terms of volume, we’re normally processing 10 million transactions monthly. During the lockdown, transactions went down to as low as 30 percent,” Labre said.

Like everyone else, Labre explained the company encountered a sharp decline in volume during the pandemic as majority of its channels is brick and mortar.

However, digital transactions through PayMaya, GCash, Lazada, among others tripled to 30 percent of total transactions from the previous level of 10 percent.

Labre said the volume of transactions has been normalizing as the National Capital Region (NCR) shifted to general community quarantine in June last year, allowing the company to process 80 percent of the 10 million monthly average last December.

Bayad has rebranded with a new brand identity, logo and tagline as it connects with a new generation of payers, expands its digital footprint, and further contribute to the advancement of the country’s finance sector.

Now known as Bayad, the brand’s transformation was driven by the company’s commitment to elevate the payment and financial experience of Filipinos in the face of accelerating digital transformation and recovery from the ongoing pandemic.

With the rebranding, the paying public can expect a bigger Bayad as the company expands its service and solutions portfolio, biller, and channel partner network, as well as its onsite-toonline platform.