Makati City, Philippines, July 06, 2014 --(PR.com
)-- Dragonpay continues its expansion by adding more physical payment channels to its network this June 2014. The company signed up with Bayad Center, a popular over-the-counter bills payment collection chain that operates throughout the Philippines. With this arrangement, consumers can now pay at the nearest Bayad Center outlet for their Dragonpay purchases.
Bayad Center was established in May 1997 as the Payment Collection Service Division of Corporate Information Solutions, Inc. (CIS). In 2006, Bayad Center spun-off from CIS to become the CIS BAYAD CENTER, INC (CBCI). A year later, as part of its mission to be present in every possible neighborhood in the country, CBCI transitioned into a franchising organization.
“Bayad Center will add over 1,600 physical counters to our payment network including multi-store chains like USSC, eBiz, PhilPost, Mail and More, Western Union outlets, pawnshops and rural banks,” says Robertson Chiang, Chief Operating Officer of Dragonpay. Payments made at Bayad Center outlets are posted to Dragonpay merchants in real-time.
Presently, about 25% of Dragonpay customers pay through payment centers such as convenience stores, pawnshops or remittance centers. Chiang added, “With the strong and trusted brand of Bayad Center, consumers will be more confident in purchasing online.“
Studies show that most Filipinos choose to pay their bills in brick-and-mortar outlets. With an estimated credit card penetration in the country at only 5%, and with only 20 to 25% of the population having bank accounts, alternative channels are expected to continue to grow and remain the main choice for payment for majority of consumers.
About Bayad Center
Bayad Center provides a payment collection solution to its corporate partners, creating business opportunities for its franchisees, and offering the public a bills payment collection service. Bayad Center is a wholly owned subsidiary of The Manila Electric Company (MERALCO), a public listed company managed by The Philippine Long Distance Telephone Company (PLDT), San Miguel Corporation, and the Lopez Group.
Dragonpay is a progressive, alternative online payment provider based in the Philippines. Dragonpay enables its partner merchants to accept payments thru local banks and other brick-and-mortar outlets such as convenience stores, payment and remittance centers. Its mission is to provide a more secure and easily available e-commerce payment channel for the broad market.