Multichannel payment platform CIS Bayad Center Inc. reported on Friday a significant growth in digital transactions within its biller and partner network since May.
In a statement, the company announced that online payments recorded a year-on-year growth rate of 130 percent as of August.
Digital transactions account for about 34 percent of the 10 million transactions monthly, compared with 17 percent before the lockdown period, it added.
To try to contain the spread of the coronavirus, the government has imposed different forms of community quarantines in various cities and provinces since March 17. This came more than a month after the first confirmed case — a tourist from the Chinese city of Wuhan, where the virus first emerged — was reported.
Bayad Center said the surge in digital transactions in the country was in line with the expectation that it would continue to grow in the context of the new normal, where shifting activities online provides a greater sense of security and continuity, and a path to economic recovery.
This trajectory also resonates with the Bangko Sentral ng Pilipinas’ move to make electronic payments account for 20 percent of all financial transactions in the country and reach 50 percent by 2023, it added.
“The ongoing pandemic is considered as a catalyst and driver to achieving this goal earlier,” the firm said.
Lawrence Ferrer, Bayad Center chief executive officer and president, said the company aimed to further contribute to building a more robust digital finance ecosystem in the country.
“We continue to expand our biller network and collaborations with banks, nonbank financial institutions, fintech (financial technology) companies [and] government agencies to deliver services that are responsive to the changing needs and lifestyles of Filipinos,” he added.
Bayad Center has 39,000 payment touchpoints and more than 1,900 billers to date. It continues to strengthen its onsite to online platform to give customers wider options in making financial transactions.