INDONESIA-BASED financial technology firm Xendit is expanding its operations in the Philippines to create a seamless payment gateway for the country following the sharp rise in digital transactions among Filipinos.
Moses Lo, Xendit Group chief executive officer and founder, said the company’s decision to do business in the Philippines was buoyed by its economic story which he described as “on the verge of hypergrowth.”
He added regulators in the Philippines are also open to innovation.
“While we see increasing demand for digital transactions, we understand that many businesses in the Philippines have not yet fully embraced the digitalization journey,” said Yang Yang Zhang, managing director of Xendit Philippines.
She noted that Xendit Philippines wants to address pain points most common to Philippines-specific merchants and customers by making payments more affordable and accessible, even for those without steady access to the internet.
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,” said Lo.
Xendit began its operations in Indonesia in 2015. It serves not only the local small and medium enterprises but also some of Indonesia’s largest tech startups and the world’s largest businesses.
Xendit offers a technically advanced yet user-friendly process that allows businesses of all sizes to easily send and accept payments. Through Xendit, any business can go live in less than a day using modern application programming interfaces and a dashboard that makes settlement, reconciliation and accounting simple. Xendit’s product portfolio allows businesses to quickly accept major payment methods with fast activation times.
“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,” said Jonathan Bates, Head of GrabPay Philippines.
The GrabPay wallet uses Xendit Direct Debit, through which customers can link their bank accounts just once to seamlessly top up their GrabPay balance. This first-to-market product, now live for BPI, Unibank and soon in BDO allows customers to link their bank accounts for both one-time and recurring payments, secured by successful completion of two-factor authentication.
Xendit also has a robust security structure, powered by an in-house system that assesses credit card transactions for fraud risks. Its fraud detection system pre-emptively blocks payments that are deemed high-risk.
“Xendit’s fraud management tools ensure that even the most traditional businesses feel comfortable accepting payments online for the first time,” said Carlo Almendral, chief executive of Tara!, 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. (KOC)