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Friday, July 28, 2023

Xendit at the Fintech Summit

Xendit recently joined the fintech summit and presented on how the Philippine finance industry can accelerate the digital economy related to payments infrastructure. 

This is line with the BSP's Digital Payments Transformation Roadmap and its subsequent National Strategy for Financial Inclusion, 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. 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," said Zhang Yang Yang, Xendit Philippines President & CEO.

Statistics showed that cash is still king in the Philippines up until 2021. But as technology paved the way for new and innovative ways to pay for goods and services, consumer behavior likewise shifted. Digital banking, ewallets, QR code payments, and Buy Now Pay Later methods have gained significant traction. 

"Fundamentally, we build infrastructure on multiple layers. 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," added Zhang. 

Prior to Xendit's foray as a local player, many of the payment integration currently available did not exist and had to be built from the ground up. Among Xendit's pioneering product is Direct Debit, a service that allows bank account holders to directly access their funds to make payments on ecommerce sites and top up their ewallets. 

With digitization, businesses experience repeat and subsequent purchases from those customers, while also enjoying the instant settlement of funds, resulting in better visibility and immediate access to said funda. Direct Debit is an industry standard across the rest of the world, and today, it has become a definitive experience for Filipino businesses and consumers, too. 

Core to the success of a digital payment infrastructure is the support from customers who will use it. When there is strong consumer trust in the system, digital acceleration and financial inclusion can be achieved. But in order for that trust to become unassailable, stakeholders in both the government and private sectors must work together to ensure that transactions are safe and secure and that consumers are educated on their rights and responsibilities in the digital economy. 

Xendit aims to work with not just merchants, but more and more 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.


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