BSP grants EMI license for Bayad App

BSP grants EMI license for Bayad App

The full-service fintech company Bayad has obtained its license to operate as an Electronic Money Issuer (EMI) from the Bangko Sentral ng Pilipinas.

The EMI license authorizes the company to deliver e-wallet services through its all-in-one “pera” transaction app, Bayad. The accreditation allows the company to convert consumers’ cash into electronic money, which they can use to transact online to pay bills., remit money, purchase mobile load and shop for products and services in partner merchant stores.

In addition, customers can withdraw and add money to their Bayad wallets through online bank transfers and over-the-counter Bayad Centers.

Bayad App customers can soon expect to pay over 1,000 types of bills — from utilities, insurance, government contributions and services, and more. In addition, the Bayad App will also enable other services such as QR payments, rewards, insurance, savings accounts, personal loans, and credit scoring.


“The COVID-19 pandemic became the unexpected catalyst that catapulted digital financial services to new heights as Filipinos look for convenient, safe, and efficient means to receive and transfer funds, pay bills, and shop for necessities. In response to this need, the BSP continues to provide an enabling environment that encourages financial innovation while safeguarding the integrity and stability of the financial system,” said Melchor T. Plabasan, BSP Director of Technology Risk and Innovation Supervision Department (TRISD).

As per Bayad, they will continue to evolve as a full-service fintech company, offering a whole suite of financial products and services available through physical and digital channels.

Along with the introduction of the Bayad app was the launch of Bayad Online, a web-based one-stop shop for all essential bills, which is an extension of the Bayad Centers that accept payment 24/7 and can be accessed globally.

Both digital touchpoints are the first to feature real-time posting of Meralco payments through its system, enabling customers to keep track of their transactions, according to Bayad.

You may visit the official Bayad website for more information.

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