Manuel V. Pangilinan
A recently launched digital entity led by billionaire Manuel V. Pangilinan is expanding its footprint in the digital payment space, this time through deals with two online payment platforms, as businesses gradually shift to paperless transactions.
DigiCo, which is jointly owned by PLDT Inc., Manila Electric Co. (Meralco) and Metro Pacific Investments Corp. (MPIC), on Monday said it would acquire a 10-percent interest in bills payment service provider Bayad Center.
Bayad, which is also a subsidiary of power distributor Meralco, currently serves at least 800 utility, financial and other billers. It has a network of around 104,000 touchpoints across the country.
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DigiCo will likewise fully acquire Multipay Corp., a wholly owned unit of Multisys Technologies Corp. that also provides a digital payment platform for entrepreneurs.
In 2018, PLDT bought for P2.15 billion a 45.73-percent stake in Multisys, which has also developed software platforms for Bayad.
Both acquisitions are still subject to “closing conditions,” according to DigiCo. The company did not disclose its total investment in the acquisitions.
“Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country’s shift to digital payments,” said Pangilinan, who also chairs DigiCo.
“These companies will improve the payment experience for the Filipino consumer and provide partners with integrated solutions,” he added.
DigiCo was formed in March to integrate the services of Pangilinan-led companies in a single digital platform.