DIGICO, a digital firm owned by the MVP Group, on Monday said that it had acquired stakes in payment companies Bayad Center (Bayad) and Multipay Corp.
In a disclosure to the Philippine Stock Exchange (PSE) via PLDT Inc., DigiCo said that it executed separate agreements to acquire a 10-percent interest in Bayad and 100 percent of Multipay in order to unlock synergies within the MVP Group and improve payment services.
“Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country’s shift to digital payments,” DigiCo Chairman Manuel Pangilinan said.
“These companies will improve the payment experience for the Filipino consumer and provide partners with integrated solutions,” he added.
“Harnessing the data assets of the MVP Group will enable us to deliver a superior, intuitive and personalized customer experience and help us improve the way we serve our customers across the MVP Group.”
DigiCo is owned by PLDT, Manila Electric Co. and Metro Pacific Investments Corp.
DigiCo said it would acquire the 10-percent stake in Bayad via Meralco’s wholly-owned subsidiary, Corporate Information Solutions Inc.
Bayad is a bills payment provider that serves more than 800 utility, financial and various billers with a network of more than 104,000 touchpoints nationwide.
“For 18 years, Bayad has served the Filipino public through accessible, reliable and impactful payment solutions,” Bayad President and CEO Lawrence Ferrer said.
Multipay, meanwhile, is a wholly-owned subsidiary of Multisys Technologies Corp. that facilitates outsourced payment collections.
PLDT’s share price on Monday closed up P11, or 0.74 percent, to P1,498.
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