Indonesia-based financial technology firm Xendit is now in the Philippines to build a digital payment infrastructure for the country and the rest of Southeast Asia.
An online payment solutions platform, Xendit develops product suite that supports startups and digital ecosystems. It addresses pain points most common to Philippine merchants and customers and strives to make payments in the Philippines more affordable and accessible, even for those without steady access to the Internet.
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,” notes Moses Lo, Xendit Group chief executive officer.
Although e-commerce penetration in the country was just two percent prior to the pandemic, many find the use of digital payment convenient and want to continue using it. Knowing that the Philippines relies on online transactions, Xendit is expanding its operations in the Philippines.
“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 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 among their digital transformation journey,” says Yang Yang Zheng, managing director at Xendit Philippines.
Lo cited the Philippine economy being on the verge of hypergrowth, and regulators are open to innovation were the factors considered in expanding Xendit operations in the Philippines.
Xendit enables the Philippines to increase influx of foreign capital to drive its growth; open the Internet economy to every Filipino, and enable truly seamless micropayments.
Xendit offers a technically advanced yet user-friendly process that allows businesses of all sizes to easily end and accept payments. Through Xendit, any business can go live in less than a day using modern APIs and a dashboard that makes settlement, reconciliation and accounting simple. Its product suite allows businesses to quickly accept major payment methods with fast activation times.
“There is a growing trend toward digital payments and those who have embraced it cite that they enjoy the convenience, quick transaction time, and low processing fees. 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,” says 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, UnionBank, and soon for BDO, lets customers link their bank accounts for both one-time and recurring payments, secured by successful completion of two-factor authentication (2FA).
Xendit’s product portfolio boasts 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, this 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,” says Carlo Almendral, chief executive officer at TARA!, a newly launched contact tracing application that leverages Xenpayments to enable Department of Tourism (DoT)-accredited merchants to accept payments contactlessly through direct debit, credit cards, e-wallets, and retail outlets.
