Two Southeast Asian financial technology (fintech) giants—Xendit and GCash—have formed a partnership, one that aims to provide a more simple, secure, and seamless payment solution to a Filipino market that is increasingly adopting cashless payment.
This is an exciting team-up between the two fintech players who have both led in their respective fields. Xendit, for starters, is a unicorn start-up that’s aggressively planning to accelerate digitalization of businesses in the region. GCash, on the other hand, is one of the country’s largest e-wallets with over 51 million registered users.
Individually, they already address many financial needs of companies and end-users alike. Together, the two companies are able to provide even more innovative, safe, and relevant financial tools and services at a time when cashless payment is becoming more essential in the everyday lives of Filipinos.
“This partnership is a major step towards democratizing financial services for all and so we are thrilled to collaborate with GCash in this journey. It illustrates our shared commitment to further expand our footprint in the region and advances our mission to make payments as seamless as possible for businesses and end-users,” said Christian Reyes, Chief Operating Officer, Xendit Philippines.
The partnership incorporates Xendit’s services as a payment aggregator (a third-party payment service provider that uses one large merchant account to process payments of sub-accounts owned by their users) for GCash’s merchant partners.
This allows them to not only process different fees for their partners but also gives them the support of the Xendit Level Up Program, specifically designed to eliminate cost barriers for small and medium enterprises (SMEs) by waiving two months of transaction fees across all channels. The program has been supporting many businesses to accelerate and capture opportunities to expand.
The partnership would also help streamline the onboarding of new businesses with the use of a payment gateway uniquely built for businesses in Southeast Asia.
As a highlight, since the Xendit and GCash partnership, which launched in the fourth quarter of this year, there has been an increase in transaction payment volumes together with another industry partner, KUMU, a Filipino video sharing and e-commerce social networking service. Furthermore, there has also been a meaningful uptick in the number of merchant sign-ups across all industries. Other top performing merchants using the Xendit platform include Airpaz (Travel), Tendopay (BNPL), Khlea (Gaming), Deli by Chele (F&B), Candy Corner (Retail), Barcino (F&B), Xperto (Online Events Platform), Edamama (Retail), and Hungry Homies (F&B).
By collaborating with equally innovative and mission-centric fintech companies such as GCash, Xendit further empowers Filipinos with its capabilities and solutions that address their digital transaction needs.
For business owners, this partnership ensures that they receive payments in a convenient, reliable, and timely manner. Xendit enables businesses of all sizes to leverage a payment infrastructure that enables merchants to establish robust online presence to meet customer needs and scale their business accordingly.
For the everyday Filipino customers, this will profoundly impact their quality of life as well. Users will benefit from a seamless payment experience every time they make payments, with little to no disruption or unnecessary lags. As a net effect, satisfied and happy customers from the convenience that this payment flow provides significantly increases the likelihood of repeat purchases.
At the core of its values, Xendit invests an enormous amount of time and resources to ensure that the customer data and transaction details are safe. This is achieved through Xendit’s highly secure infrastructure which manages the verification, authorization, and safe transfer of funds conveniently from customers’ banks or e-wallets directly to businesses’ accounts.
“Our ultimate goal for this partnership is to provide accessible and financial solutions for all by working together to expand our suite of services and coverage of the market. We are driven by our motivation to constantly address the changing needs of our users, thus we are always proactively looking for ways to create an experience that makes their everyday lives easier and worry-free,” said Martha Sazon, President and Chief Executive Officer of GCash.
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About GCash
GCash (G-Xchange, Inc.) is the #1 Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 1k partner billers; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 3.9M partner merchants and social sellers; cash-in and cash-out at over 94k partner agents; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs impacting more than 51 million Filipinos in the country today.
For more information, please contact:
ChitoManiago
Vice President, Corporate Communications and Public Affairs
GCash
Email Address: corpcomm@mynt.xyz
Twitter: @gcashofficial │ Facebook: http://www.facebook.com/gcashofficial
About Xendit
Xendit is a financial technology company that provides payment solutions that simplify the payment process for businesses in Southeast Asia, from SMEs, e-commerce startups to global corporations. Xendit provides a secure and easy-to-integrate payment system, supported by 24/7 customer support. With a diverse range of products, Xendit’s system can accept payments from bank accounts, credit and debit cards, eWallets, retail outlets, and online installments.
Focused on building payment infrastructure across Southeast Asia, Xendit seeks to shape the next generation of unicorns by empowering startups to grow exponentially through the products we offer.
As the first Indonesian startup to successfully graduate from the prestigious YCombinator incubator in Silicon Valley, Xendit looks forward to continuing its culture of innovation in the Philippines. For more information, visit http://xendit.co.
