Xendit, an Indonesian fintech (financial technology) company, will start offering its digital payment services in the Philippines.
The fintech company offers what it claims as a technically advanced, yet “user-friendly,” process that allows businesses end and accept payments easily. Through Xendit, any business can go live in less than a day using modern APIs (application programming interface) and a dashboard that makes settlement, reconciliation, and accounting simple.
“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. “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.”
Xendit began its digital payments operations in Indonesia in 2015. It serves local small and medium enterprises (SMEs) and some of Indonesia’s largest tech startups and the world’s largest businesses.
To provide convenience, quick transaction time, and low processing fees, the GrabPay wallet uses Xendit Direct Debit, through which customers can link their bank accounts just once to seamlessly top up their GrabPay balance.
“By working with Xendit, we increase the accessibility of digital payments for our users,” said Jonathan Bates, head of GrabPay Philippines. “We can contribute to far-reaching financial inclusion, innovation, and competitive costs.”
This first-to-market product allows customers link their bank accounts for both one-time and recurring payments, secured by successful completion of two-factor authentication (2FA). It is now available at the Bank of the Philippine Islands (BPI), UnionBank of the Philippines, and soon in BDO Unibank Inc.
Fraud detection system
Another key feature of Xendit’s product suite is its security structure, powered by an in-house system that assesses credit card transactions for fraud risks.
“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,” said Moses Lo, founder and CEO, Xendit.
This fraud detection system is built with advanced data analytics and optimized with machine learning that preemptively blocks payment that is deemed high-risk.
Contact tracing TARA! app
“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.
TARA! app leverages Xenpayments to enable the DoT (Department of Tourism)-accredited merchants accept payments contactless through direct debit, credit cards, e-wallets, and retail outlets.
Support Back End News
We are an independent news website built on bootstrapped funding.