MANILA, Philippines — Jakarta-based financial technology firm Xendit has partnered with electronic wallets PayMaya, GCash, and GrabPay amid the changing landscape of the local payment system.
Ruihong Zhang, the product manager lead for digital payments at Xendit, said the company is the first payment gateway in the Philippines to enable businesses as well as small and medium enterprises (SMEs) with all three e-wallet operators.
“These e-wallets will immediately provide our customers with wide consumer coverage and better payment success rates. We look forward to making more of the latest payment trends accessible to our customers,” Zhang said.
As the first and only platform that works with the three top e-wallets in the country, Xendit allows merchants to accept payments and eliminate the need to perform separate integration and maintenance.
Xendit’s partnership with the top e-wallets and merchants make it more convenient for businesses to send and accept payments.
In turn, optimizing the user experience by choosing the type of checkout that suits them best, customers have more payment choices when shopping online via a single endpoint or plug-in, through Paymaya, GCash and GrabPay.
Xendit Philippines managing director Yang Yang Zhang said financial inclusion only extends as far as the last person who is able to participate in the rapidly growing Filipino digital economy.
“As e-wallets have risen as a mode of payment over the past year, we committed ourselves to ensuring that every Filipino can have access to online channels and any local business can process payments from their customers using fast and reliable technology,” she said.
According to The State of Digital Payments in the Philippines 2019 report by the Better Than Cash Alliance, the share of digital payments increased to 10 percent in terms of volume in 2018 from one percent in 2013 and to 20 percent from eight percent in terms of value.
PayMaya processed over P95 billion worth of online shopping transactions last year, while GCash observed a 65 percent jump in users.
In response to this greater demand for digital transactions, Southeast Asian payments start-up Xendit has been actively building the most advanced payment system for businesses.
Xendit’s expansion in the Philippines is part of its commitment to build the country and the region’s digital payments infrastructure.
With Xendit, businesses could go live in less than a day and experience a simplified and integrated payment process. It is faster to accept payments, create and manage invoices, and disburse funds to customers, employees and suppliers.
Additionally, Xendit is equipped with a powerful in-house fraud detection system intelligently assessing every payment transaction. Its application servers, database system, and big platform in the Philippines is powered by Amazon Web Services (AWS).