MVP Group bets big on online payments

MANILA, Philippines — Tycoon Manuel V. Pangilinan is placing a big bet on the potential of online payment, signing separate deals to invest in Bayad Center and buy out Multipay Corp.

DigiCo, owned by the MVP Group of Companies, yesterday announced it would acquire a 10 percent interest in one-stop shop Bayad.

Bayad is a leading platform for bills payment, handling a network of more than 800 outlets and over 104,000 touchpoints across the Philippines.

Apart from bills payment, Bayad Centers can process money remittance, load purchase, medical reimbursement, insurance settlement, loan payout, bank withdrawal and airline ticketing. Bayad also works with the likes of Robinsons Malls for over-the-counter transactions.

Bayad president and CEO Lawrence Ferrer said the company has proven its reliability to billing institutions and payment channels for 18 years. He believes this is the reason DigiCo has decided to make one of its first investments in Bayad.

Further, DigiCo is taking over the operations of payment gateway Multipay as part of its strategy to penetrate the growing market for digital transactions in the country.

Multipay operates as a subsidiary of Multisys Technologies Corp., whose business relations with billing channels and payment outlets are expected to support DigiCo’s expansion.

Multisys president and CEO Victor Tria said Multipay has come a long way since it was founded. He expressed confidence that DigiCo will sustain its growth story.

Multipay works with businesses in channeling the payments of their customers. It has partnered with financial institutions, including e-wallets, in building up a network of payment avenues that now benefits more than 40 million users worldwide.

Pangilinan, who chairs DigiCo, said the company invested in Bayad and Multipay on optimism that these would play a crucial role in persuading Filipinos to go digital. DigiCo, for its part, hopes to contribute in scaling up the payment coverage of Bayad and Multipay.

In particular, DigiCo will look at ways of maximizing the data resources of PLDT Inc., Manila Electric Co. and Metro Pacific Investments Corp. to support Bayad and Multipay.

“Harnessing the data assets of the MVP Group will enable us to deliver a superior, intuitive and personalized customer experience, backed by insights that can uplift the way we serve customers across the MVP Group,” Pangilinan said.