Indonesia-headquartered digital payment firm Xendit has officially launched its operations in the Philippines in an attempt to take advantage of the booming market for electronic transactions in the country and the rest of Southeast Asia.
“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 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,” said Yang Yang Zhang, managing director at Xendit Philippines.
Xendit began its operations in Indonesia in 2015 and is recognized as a leading name for digital payments across both businesses and customers in Indonesia.
The company said it offers a digital payment model that allows businesses of all sizes to 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, it said. Xendit’s product portfolio allows businesses to 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,” 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 top up their GrabPay balance. This first-to-market product, now live for BPI and UnionBank, lets customers link their bank accounts for both one-time and recurring payments, secured by two-factor authentication (2FA).
The company said another key feature of Xendit’s product suite is its security structure, which powered by an in-house system that assesses credit card transactions for fraud risks. Built with advanced data analytics and optimized with machine learning, the fraud detection system pre-emptively blocks 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,” said Carlo Almendral, CEO of TARA!, a newly launched contact tracing application that uses Xenpayments to enable Department of Tourism (DoT)-accredited merchants to accept payments contactlessly through direct debit, credit cards, e-wallets, and retail outlets.