Southeast Asia Digital Transition Driving Growth Even in Face of Pandemic Slowdown
Digital Payments Infrastructure Pioneer Xendit Sees Payment Value Soar 10 Percent Each Month in 2021 As More of Region’s Businesses Transition to Digital Financial Future
JAKARTA, Indonesia–(BUSINESS WIRE)–Xendit, the fastest growing digital payments infrastructure for Southeast Asia, today announced it is experiencing a surge in digital transactions, providing evidence that the region’s emphasis on building out a more digital infrastructure is rapidly gaining traction.
“In the first few months of 2021 we’ve experienced a 146% increase in total payment value across Indonesia and the Philippines. This is a testament to how we’re addressing the reliability, regulatory and accessibility challenges to enable businesses to thrive in the new digital economy,” said Tessa Wijaya, Xendit COO and Co-Founder. “We’ve also found that e-Wallets transactions contributed to 16% of the number of transactions that Xendit processed in 2021.”
“The region’s commitment to modernizing its economic, mobile and broadband infrastructure is starting to pay dividends as we can see in the strong growth we are recording across our network despite the lingering economic impact of this pandemic,” said Moses Lo, Xendit CEO and Co-Founder. “By building this digital payments infrastructure we’re helping businesses in our own backyard find their way back to prosperity as COVID business impact begins to decline.”
The IMF expects Indonesia, Malaysia, the Philippines, Thailand and Vietnam to see economic growth of 4.9% in 2021, down from its previous projection of 5.2%. The Asia Development Bank reported earlier this year that the region should still see growth rates above 5% in 2022.
From processing payments, running, disbursing payroll and loans, and detecting fraud, Xendit supports businesses with everything they need in the process of digital transformation. Xendit taps into what customers want, adapting to their needs while maintaining the product’s purpose.
About Xendit
Xendit is a financial technology company that provides payment solutions and simplifies the payment process for businesses in Indonesia, the Philippines and Southeast Asia, from SMBs and e-commerce startups to large enterprises. Xendit enables businesses to accept payments, disburse payroll, run marketplaces and more, that is easy to integrate with and supported by 24/7 customer service. Amidst the fragmented payment landscape in Southeast Asia, Xendit enables businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets, and online installments.
Building the region’s digital payments infrastructure, Xendit is shaping the next generation of scalable businesses across Southeast Asia. Xendit is propelling the region’s digital transformation by addressing access, reliability, and regulatory needs enabling more businesses to scale and thrive. As the first-ever Indonesian startup to graduate from YCombinator and backed by global investors and other venture capital firms in the region, Xendit powers some of Southeast Asia’s fastest-growing brands including Traveloka, Transferwise, Wish, and Grab. To learn more, visit xendit.co.
Contacts
Malia O’Connor
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