Philippines’ MVP Group boosts digital payments presence

The MVP Group, under the leadership of Filipino tycoon Manuel Pangilinan, has announced the acquisition of key stakes in two prominent payment companies. DigiCo, the digital entity owned by MVP Group, has entered into separate agreements to acquire a 10% interest in Bayad Center (“Bayad”) and 100% of Multipay Corporation (“Multipay”).

According to its press release, the move aligns with MVP Group’s broader strategy to enhance digital payment solutions in the Philippines. DigiCo, a collaborative venture owned by PLDT Inc., Manila Electric Company (Meralco), and Metro Pacific Investments Corporation (MPIC), aims to leverage its extensive resources and data assets to bolster the growth of these payment companies.

“Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country’s shift to digital payments. These companies will improve the payment experience for the Filipino consumer and provide partners with integrated solutions,” Pangilinan, DigiCo Chairman, said.

Pillar in Filipino payment solutions

Bayad Center is a strategic addition to DigiCo’s portfolio. With over 800 utility, financial, and other billers in its network and more than 104,000 touchpoints nationwide, Bayad Center has been in the payment service provider industry for 18 years. The company’s offerings extend beyond bill payment, including money remittance, load purchase, medical reimbursement, insurance settlement, loan payout, bank withdrawal, and airline ticketing.

Lawrence Ferrer, CEO and President of Bayad Center, emphasized the company’s established reputation: “For 18 years, Bayad has served the Filipino public through accessible, reliable, and impactful payment solutions. Our success is a testament to the unwavering trust placed in us by billing institutions, payment channels, and the Filipino public.”

DigiCo’s acquisition of a minority interest in Bayad Center is seen as a strategic move to enhance the group’s payment services. This acquisition, however, is still subject to closing conditions before it is finalized.

Multipay Corporation: Expanding DigiCo’s digital footprint

DigiCo’s acquisition of 100% of Multipay Corporation marks another step in its strategy to dominate the digital payments landscape. Multipay, a subsidiary of Multisys Technologies Corporation, has established a strong relationship with various billers and digital payment channels. The acquisition of Multipay is expected to complement and add value to DigiCo’s integrated payment platform.

Victor Tria, CEO and President of Multisys, expressed confidence in the future of Multipay under DigiCo’s ownership. “Multipay has come a long way, and we are confident that DigiCo will be in the best position to take Multipay to even greater heights,” he said. The completion of this acquisition also awaits the fulfillment of closing conditions.

Multipay’s network includes partnerships with financial institutions and e-wallets, benefiting over 40 million users globally. With DigiCo at the helm, Multipay is poised to expand its reach and capabilities, further strengthening the MVP Group’s presence in the digital payments sector.

DigiCo’s strategic vision and government alignment

DigiCo’s strategic acquisitions of Bayad and Multipay are part of a broader vision to drive innovation-led growth within the MVP Group. According to Kat Luna-Abelarde, DigiCo’s Chief Commercial Officer, these acquisitions are crucial milestones in supporting the government’s push for digitalization and financial inclusion across the nation.

“This is the latest milestone on our journey to drive new, innovation-led growth, and is aligned with the MVP Group’s support for the Government’s overall digitalization push, particularly financial inclusion for Filipinos across the nation,” she stated.

The MVP Group plans to harness its data assets from PLDT, Meralco, and MPIC to deliver superior, intuitive, and personalized customer experiences.

“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 our customers across the MVP Group,” said Pangilinan.

Integrating Bayad and Multipay into DigiCo’s ecosystem is expected to create synergies that will not only enhance the group’s digital payment offerings but also contribute to the broader goal of accelerating the Philippines’ transition to a digital economy.

A strategic move for future growth

The MVP Group’s strategic acquisitions of Bayad Center and Multipay Corporation underscore its commitment to leading the digital transformation in the Philippines. These moves position DigiCo as a major player in the digital payments space, with the potential to significantly impact how Filipinos engage in financial transactions.