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Xendit underscores importance of robust payment infrastructure in digital economy

Xendit, a B2B payment solutions provider, emphasized how the digital economy can flourish with a robust digital payment infrastructure.

Xendit provides a suite of APIs and a dashboard UI that simplifies processes to enable businesses and organizations of all sizes to accept various modes of payment.

In the Philippines, Xendit has been advocating the digitization of payments processes to democratize access to innovation and bridge gaps in the digital economy. “The faster the money moves through an economy, the faster the economy can grow,” said Yang Yang Zhang, president and CEO, Xendit Philippines. “There will always be friction points that can potentially slow the momentum of growth, but the moment we are able to fully digitize the payments process for all Filipinos, we can erase the effect of the natural infrastructure challenges of an archipelagic nation.”

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Citing government statistics, Xendit said cash was still king in the Philippines. While the country is slowly introducing digital payments, the need for it accelerated during the pandemic. Digital banking, e-wallets, QR code payments, and Buy Now Pay Later methods have gained significant traction, especially post-pandemic when consumers found convenience in using cashless payments.

Co-building ‘pipes’ where money flows

Xendit’s services provide businesses with a single integration that creates a payment experience that is responsive to local needs and promotes inclusive progress.

“Fundamentally, we build infrastructure on multiple layers,” Zhang explained. “We work directly with banks to co-build world-class solutions to address their own challenges and those of everyday consumers. By doing so, we aggregate financial institutions for merchants to create a seamless payment experience that ultimately empowers both customers and businesses.”

Prior to Xendit’s foray as a local player, many of the payment integrations currently available did not exist and had to be built from the ground up. Among Xendit’s pioneering products is Direct Debit, a service that allows bank account holders to directly access their funds to make payments on e-commerce sites and top up their e-wallets. 

Working with government

Yet inasmuch as roads and pipes continue to be built, work on payments infrastructure is a goal-driven process that has virtually no end in sight. 

Xendit said it aims to work with not just merchants, but also with government and private agencies involved in the transfer of money in the economy. What it uniquely offers at this time is its capability to scale operations and process millions of transactions efficiently while maintaining uptime all the time.