BSP-licensed E-wallet SquidPay Partners With Bayad

By Shiela Bertillo

SquidPay Technology Inc., a financial technology (fintech) firm, announced its partnership with Bayad. The initiative aims to enhance its bills payment capability and “provide more convenience” to SquidPay mobile app users.

The firm has been able to establish a track record since 2016 for offering “advanced end-to-end instantaneous” electronic payments and collections with stored value cards, QR codes and mobile applications for the mass market, according to SquidPay CEO Marvin dela Cruz.

Moreover, dela Cruz stated that they partnered with government and private entities, public utility vehicle operators and other transport systems to offer a suite of fintech services to develop a broader reach to its clients.

The two fintech companies, both duly-licensed by the Bangko Sentral ng Pilipinas (BSP) as electronic money issuers, said they support the regulator’s push for the country to be  a “cash-lite” society. (Read More: BSP Gov. Diokno Envisions a PH Coinless Society by 2025)

With its collaboration with Bayad, dela Cruz noted that with SquidPay’s bills payment customers “can better maximize the benefits of contactless, digital payments as they can settle more bills” such as electricity, water, internet, cable, telephone, government fees and contributions, loan payments, among others.

The tie up between the two fintech firms will give them “stronger capability and wider reach in giving the Filipinos greater access to easy, accessible and advanced payment solutions,” Bayad President and CEO Lawrence Y. Ferrer said.

Ferrer reiterated that the collaboration also aims to provide the consumers “a more convenient, faster and more secure” way to pay their utility bills via SquidPay mobile platform. (Read More: BSP Urges Fintech to Capitalize on E-payment Surge)

Moreover, SquidPay will soon activate cash in and withdraw money from SquidPay App wallet at Bayad.

“We will continue to develop and improve innovations that help make Filipinos’ lives less difficult, especially in the means of providing convenient and reliable financial and payment services.” dela Cruz said.

This article is published on BitPinas: BSP-licensed E-wallet SquidPay Partners with Bayad