Bayad and Traxion Tech Partner to Offer Fintech Solutions for SMEs and Cooperatives
Recognizing the need for digital financial
services in view of continuing quarantine restrictions and disruptions in
business operations due to the ongoing pandemic, the newly rebranded Bayad, the
country’s biggest and widest multi-channel payment platform, recently joined
hands with Traxion Tech, a blockchain-powered system integration company.
Ultimately, both companies aim to bring
financial services closer to marginalized sectors and bridge the digital divide
among consumer groups. Bayad is powering the bills payment capability of
Traxion Tech’s products such as DigiCoop, a digital platform developed for
cooperatives and its members to achieve financial freedom; Baiyarin, a billing
and payment platform for billers and consumers; and Traxion Pay, a payment
platform for small and medium enterprise (SME) owners aggregating numerous
online and offline payment facilities.
Under the partnership, users of DigiCoop
products and services will now be able to pay over 1,000 types of bills and
have access to Bayad’s extensive network of partner billers. Together, the two
institutions endeavor to ensure that the most underserved segments of society
get to harness the benefits of transformative technologies. They believe that
going digital is the way to weather the ongoing crisis and build resilience for
a post-pandemic world.
“This is great news for cooperatives and SMEs.
On top of delivering payment convenience and security, we want them to
appreciate and get comfortable with fintech solutions and learn how to maximize
their full potential.,” Traxion Tech Chief Executive Officer Ann Cuisia shared.
“We want more Filipinos to be able to
participate in the growing digital economy despite the setbacks posed by the
COVID-19 situation. It is our enduring goal to support the underserved segment
such as cooperatives and SME markets in grassroots communities by making
financial services accessible and responsive to their needs. We know it is
imperative to ensure business continuity so we are giving them means to
digitalize key business aspects and leverage opportunities using online
platforms,” said Lawrence Y. Ferrer, President and CEO of Bayad.
Mr. Ferrer added that the partnership with
Traxion Tech underscores Bayad’s rebranding thrust to be bigger, better, and
younger by continuously expanding its service and solutions portfolio; biller
and channel partner network, as well as onsite-to-online
platform.
Currently, Bayad has over 49,000 payment
touchpoints nationwide and is further intensifying its digital footprint by powering
fellow fintech players like Traxion Tech while strengthening its mobile and
online payment platforms - the Bayad App and Bayad Online.
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