Fintech Plans To Roll Out More Payment Options

AN Indonesia-based financial technology (fintech) player will be introducing more over-the-counter payment options starting this second quarter.

Xendit Philippines Inc. said it was investing in local partners and channels to come up with solutions addressing the common paint points of merchants and customers.

“Xendit strives to make payments in the Philippines more affordable and accessible, even for those without steady access to the internet,” the fintech firm said. “By operating at scale, Xendit is able to provide the most competitive rates and innovative solutions to our customer base.”

In the Philippines, Xendit said it has key strategic partnerships with major banks, e-wallet service providers, retail outlets and lending fintech platforms.

Specifically, the fintech player has partnerships with the Bank of the Philippine Islands, Union Bank of the Philippines, GCash, GrabPay and Paymaya.

“We just recently rolled out with [BDO Unibank Inc.] for Direct Debit, as an additional channel for GrabPay users to cash-in to their GrabPay wallet,” Xendit said.

“For Paylater—our checkout financing product—we have piloted this with BillEase and will be adding more channels this year,” it added. BillEase is a fintech platform operated by First Digital Finance Corp.

Xendit said that Amazon Web Services allows it to run application services, database system and big data platform in the country.

Last year, the fintech firm noted that its business was severely affected in the first few months of the pandemic given that most of its customers are big travel companies.

But the accelerated adoption of digital platforms in the Philippines and Indonesia allowed the fintech player to expand its digital payment infrastructure into new sectors. These include retail, gaming and other digital products.

Apart from this, Xendit recently launched an initiative in Indonesia to support local businesses, charities and nonprofit organizations during this pandemic.

It provided working capital for struggling enterprises and free payments for new merchants who just started their business when the pandemic hit.

“We continue to support businesses with capital loans and fee waivers, as well as fundraising and providing donations for local non-profit organizations,” Xendit said.

Xendit is also eyeing to expand its footprint in other Southeast Asian countries, including Thailand, Vietnam, Malaysia and Singapore.