Expand Market Coverage, Xendit Intensify New Feature Development

The shift in people's behavior towards digital drives Xendit, a startup fintech which provides payment infrastructure from Indonesia, to add digital payment channels in collaboration with ShopeePay.

This integration is expected to reach more merchant Xendit partners from various business lines and loyal customers to accelerate the adoption of digital payments.

"With the increase in payment channels that we can provide for merchant at the moment. We hope this can complement the payment ecosystem and help ShopeePay grow, as well as partners merchant us going forward," said Mikiko Steven Head of Customer Solutions Xendit.

During this pandemic, people's spending trends have begun to adapt to marketplace online and digital payments. From Xendit's own data, it recorded a significant increase in the number of digital transactions in April-September 2020 about 3 times.

MarkPlus Survey show ShopeePay as the most popular electronic money application in Indonesia during the pandemic. Further explained, ShopeePay superior with a market share of 26% of the total volume of electronic money transactions in Indonesia. Then followed by Ovo (24%), Gopay (23%), Dana (19%), and LinkAja (8%).

Head of Strategic Merchant Acquisition ShopeePay Eka Nilam Dari also said, "With the strategic collaboration between ShopeePay and Xendit, we hope to open up even greater opportunities for both parties, as well as business partners to further encourage financial inclusion through digital payments. "

Digital players who are currently under the auspices of Xendit have the opportunity to reach a wider range of ShopeePay users in the midst of a difficult situation. Currently, more than 100 Xendit merchants have started to integrate with the ShopeePay channel and add new use cases to ShopeePay including IT, Saas, Travel & Hotel Booking Platforms, Education, Beauty, NPO and Donation platforms.

Develop new initiatives

Not long ago, Xendit has also made a presence in the Philippines market. The virtual launch on December 4, 2020 is expected to encourage an increase in digital business transactions in the Philippines through the development of digital infrastructure, as well as to strengthen Xendit as a payment gateway best in Southeast Asia.

Since operating in 2017, Xendit has processed US$1,5M in transactions, equivalent to 20 trillion annually. In addition to the main payment features, Xendit is also developing additional services for tax compliance and providing additional capital for customers merchant via XenTax and XenCapital.

XenTax is a product created by Xendit to simplify the client's tax management process, so they can focus on their business and drive growth. To provide this service, Xendit is connected to a Perception Bank and PJAP (Tax Application Service Provider) which is licensed and officially partners with DGT.

For XenCapital, Xendit works exclusively with partners who have a license from the OJK in MultiFinance to provide capital for its loan products. Limit for each merchant who apply for this product will differ depending on the credit rating review from the evaluation team. All Xendit products are available to registered and integrated merchants.

“Xendit's suite of services is designed to make payments simple, secure and easy for customers while enabling businesses to grow exponentially. As a platform with deep roots in Southeast Asia, we are constantly listening to better identify the specific needs and wants of each business in the market,” said Moses Lo, CEO & Founder of Xendit Group on different occasions.

Currently Xendit already has a total team of more than 300 people headquartered in the Senopati area, South Jakarta. "Our goal is to be more aggressive in finding solutions as well as what we can help with while most of the world is thinking of giving up," he added.