CIS Bayad Center Inc., the pioneer in outsourced payment collection systems in the Philippines, has entered into a partnership with Tala Financing Philippines Inc. to allow Tala app users to pay their bills in real-time using their credit line from the app.
Tala is a globally leading money app for the underbanked, established in 2017 to help customers manage their expenses and take advantage of opportunities to invest in small businesses. It has reached one million users this year.
“We continue to strengthen our digital footprint by co-creating payment innovations with forward-thinking fintech institutions like Tala. We are united with Tala in our mission to boost the financial well-being of our fellow Filipinos. We are eager to expand our biller ecosystem as we bring our one-stop bills payment solution to the Tala app,” declared Bayad president and CEO Lawrence Y. Ferrer.
With this partnership, Meralco bill payments are now enabled in the Tala app, allowing customers to pay their power bills on credit and on time. Users of the app can get a credit line of up to P25,000. The terms are flexible and aligned with different income cycles, as customers have a 61-day window within which to pay the loan.
“We believe everyone deserves access to financial services, regardless of their background or circumstances. As the Philippines is Tala’s innovation hub and its largest market in Asia, we view this collaboration with Bayad as part of our ongoing commitment to financial inclusion as we step up to help revive our economy,” said Tala chief business officer Jori Pearsall.