Philippine-based fintech startup NextPay is expanding its digital payment solutions with the introduction of Email Money. Email Money is a first of its kind payment service in the Philippines that allows users to transfer money to any bank or eWallet without the need for the recipient’s account details — only an email.
With Email Money, NextPay provides growing businesses with greater convenience when transferring funds, paying suppliers or customers by removing the need to collect and manage their recipient’s bank details.
Aside from this, the new service also adds another layer of privacy, especially for small businesses that use their personal bank accounts for their transactions. NextPay hopes to lessen the instance of human error, as the sender does not need to input long bank account details, reducing the process of manual verification.
“We are giving our customers more options to transfer funds through Email Money,” said Don Pansacola, co-founder and CEO, NextPay. “By introducing the country’s first payment service that enables users to transfer money to any bank or eWallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business.”
How to send money via email:
- To send money via email, NextPay users simply have to choose Email Money under the recipient’s receiving option and input the recipient’s email and phone number. Once the transfer has been completed, the recipient will receive an email to notify them of the transaction.
- Recipients may then choose which bank or eWallet they would like to receive their funds and confirm their identity with a one-time password, giving them full control and flexibility, while allowing them to instantly receive the funds.
- Both the sender and receiver will receive notifications when the funds have been successfully received. If the link remains unopened after the availability period, the funds will be transferred back to the sender’s account.
“We constantly pursue new innovations that are relevant to our target market – the micro, small and medium enterprises,” said Aldrich Tan, co-founder and chief experience officer. “Email Money is a solution fit for businesses that need to process refunds or for those who want to settle their obligations early to finalize their book.”
Email Money is one of the digital banking solutions that NextPay developed through the $1.9-million funds that it raised from its pre-seed and seed funding rounds last year, which were led by Silicon Valley-based startup accelerator Y Combinator, Singapore-based venture capitalist Golden Gate Ventures, and Gentree Fund, a private investment vehicle of the Sy Family of the SM Group conglomerate.
NextPay expects to ride the growth momentum this recording remarkable growth in 2021, surpassing P1 billion in total transaction volume and growing its customer base by 20x last year.
NextPay plans to introduce more financial tools and services tailored for MSMEs this year, including cryptocurrency services, bills payment, lending and corporate cards.