Indonesian fintech company Xendit is expanding its operations in the Philipines to create a seamless payment infrastructure for the country and the rest of Southeast Asia.
The new online payment solutions platform offers a technically advanced yet user-friendly process that allows businesses of all sizes to easily send and accept payments. The company said that through its platform, any business can go live in less than a day using modern APIs and a dashboard that makes settlement, reconciliation, and accounting simple. Xendit said that its product portfolio also allows businesses to quickly accept major payment methods with fast activation times.
“While we see increasing demand for digital transactions, we understand that many businesses in the Philippines have not yet fully embraced the digitalization journey,” Xendit Philippines managing director Yang Yang Zhang said during the virtual launch.
She added, “Xendit is unique because we build deeply into each local market and culture, allowing us to work hand-in-hand with both traditional and startup businesses to innovate together along their digital transformation journey. This is especially important now, as so much of the Philippines continues to rely on transacting online for essential payments and purchases.”
Meanwhile, Head of GrabPay Philippines Jonathan Bates underscored the growing trend toward digital payments, saying that “those who have embraced it cite that they enjoy the convenience, quick transaction time, and low processing fees.”
The GrabPay wallet uses Xendit Direct Debit, through which customers can link their bank accounts to seamlessly top up their GrabPay balance. This first-to-market product, now live for BPI, UnionBank and soon on BDO, lets customers link their bank accounts for both one-time and recurring payments, secured by successful completion of two-factor authentication.
“By working with Xendit to increase the accessibility of digital payments for our users, we can contribute to far-reaching financial inclusion, innovation, and competitive costs,” Bates added.
Xendit said that its product suite also has a robust security structure that is powered by an in-house system that assesses credit card transactions for fraud risks. Built with advanced data analytics and optimized with machine learning, Xendit explained that its fraud detection system can pre-emptively block payments that are deemed high-risk.
“These uncertain times have encouraged businesses across all sectors to look into adopting digital payment solutions like contactless transactions. Many are realizing that cashless payments are not just safer health-wise, but more convenient for both business owners and customers, especially those who are unbanked. Xendit’s fraud management tools ensure that even the most traditional businesses feel comfortable accepting payments online for the first time,” TARA! CEO Carlo Almendral said.
TARA! is a newly launched contact tracing application that leverages Xenpayments to enable Department of Tourism -accredited merchants to accept payments contactlessly through direct debit, credit cards, e-wallets, and retail outlets.
“Xendit’s suite of services is designed to make payments simple, secure, and easy for customers while enabling businesses to grow exponentially. As a platform that’s deeply rooted in Southeast Asia, we keep our ear to the ground to better recognize the specific needs and wants of each business in the market,” Xendit Group CEO & Founder Moses Lo said.
Xendit provides payment solutions that simplify the payment process for businesses in Southeast Asia, from SMEs, e-commerce startups to global corporations. The company was established in 2015 and is now recognized as a leading name for digital payments across both businesses and customers in Indonesia.