Digital payment: The future of PropTech

OFWs play a crucial role in the Philippine economy, significantly impacting its growth and development. According to a report by the Philippine Institute for Development Studies, remittances from OFWs reached approximately $37.2 billion in 2023, representing 8.5% of the country's economic growth.

These remittances bolster the Philippine economy by enhancing domestic consumption and investment. The increased purchasing power of OFW families drives spending on goods and services, which in turn stimulates economic activity. Moreover, OFWs frequently invest their earnings in real estate, businesses, and other assets, which fosters job creation and economic expansion.

The Philippine real estate market has experienced substantial growth, reaching a valuation of PHP 1 trillion by 2019, as reported by the Philippine Statistics Authority. Meanwhile, the World Bank found that as much as 60% of OFW remittances are invested in property within the country.

To streamline and enhance the process for OFWs investing in real estate, Filipino fintech company BayaniPay has teamed up with SM Development Corp. and Ortigas Land Corp. to introduce a new category of digital payment solutions for real estate. This partnership aims to simplify the collection, automation, and reconciliation of payments through a custom dashboard.

With an injection of approximately PHP 175 million in new capital, BayaniPay has launched innovative services to broaden its global reach and facilitate easier investment opportunities for OFWs, particularly in the real estate sector.

BayaniPay CEO Winston Damarillo explained that the newly developed Bayani GlobalPay offers an embedded banking service designed for businesses and major billing entities to connect with customers worldwide. Damarillo highlighted the firm’s goal of processing around PHP 11.7 billion in payments by the end of the year.

“Our focus is on customer success,” Damarillo emphasized. “We want to ensure that users can effectively utilize our product. Our aim is to encourage Filipinos to invest in their future, especially in real estate back home. We believe we can extend these investment opportunities to other areas as well.”

Bayani GlobalPay offers two primary solutions: GlobalPay, a customizable white-label service for non-financial institutions, and GlobalPay Express, a comprehensive payment portal for managing transactions. These solutions cater to varying institutional needs.

Leveraging payment gateways and automation technologies, Bayani GlobalPay reduces manual processes and provides seamless management of both domestic and international payments. The service supports various payment methods, including debit and credit cards, e-wallets, direct debit, and QRPH, eliminating the need for a bank account.

By making cross-border payments more efficient and cost-effective, BayaniPay aims to maximize the economic impact of remittances, helping Filipinos overseas save on transaction fees and increase the value of their contributions to the Philippines.