NextPay introduced its first email-based payments.
NEXTPAY — The financial technology (fintech) startup recently introduced a first-of-its-kind payment service in the Philippines as part of the expansion of its digital payment solutions.
Called Email Money, the said payment service allows users to transfer money to any e-wallet or bank without the need for the recipient’s account details. Instead, only electronic mail (email) is needed.
The fintech startup’s new service also adds another layer of privacy, especially for those small businesses that use their personal bank accounts for their transactions.
Further, the said payment service lessens the incidence of human error as the sender doesn’t need to input long bank account details, reducing the process of manual verification.
According to NextPay chief executive officer and co-founder Don Pansacola, they are giving their customers more options to transfer funds via Email Money.
Philstar reported that Email Money is one of the digital banking solutions that the fintech startup developed through the USD 1.9-million financing it raised from its pre-seed and seed funding rounds last year.
Based on the report, the funding rounds were led by Y Combinator, Golden Gate Ventures, and Gentree Fund.
READ ALSO: NextPay Eyes Lending, Bills Payment, Corporate Cards Services
NextPay chief experience officer and co-founder Aldrich Tan said that they constantly pursue new innovations that are relevant to their target market — the MSMEs (micro, small and medium enterprises).
“Email Money is a solution fit for businesses that need to process refunds or for those who want to settle their obligations early to finalize their book,” Tan said.
In 2021, the fintech startup surpassed PHP 1 billion in total transaction volume as its customer base grew by 20 times.
The fintech startup plans to introduce more financial tools and services tailored for micro, small and medium enterprises this year — including cryptocurrency services, lending, bills payment, and corporate cards.
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