TerraPay, a leading global payments infrastructure company has signed a Memorandum of Understanding (MoU) with Xendit Group, a leading digital payments solution provider in Southeast Asia. This strategic association will allow merchants and businesses in Indonesia and Philippines to receive cross border business payments from around the globe. Under the proposed association, the companies will enable a large addressable market globally to transact across Xendit Group’s terminals in the Indonesia and Philippines corridor

One in three Southeast Asian digital merchants believe they would not have survived the pandemic if not for online platforms, but point to the need to lower transaction fees, with "too expensive" platforms a top barrier to adoption. Amidst the severity of COVID-19 restrictions in their local markets, 35% of digital merchants in the region said their business would not have stayed afloat if they were not able to sell online, according to the latest edition of the e-Conomy Southeast Asia report. Jointly released by Google, Temasek, and Bain & Company, the annual study for the first time included 3,036 digital merchants in the survey that covered Singapore, Malaysia, Vietnam, Indonesia, Thailand, and the Philippines. Businesses today demand an unshakeable and agile infrastructure to drive boundless small-value, large volume payments, globally. TerraPay empowers businesses with innovative and simplified payment solutions to bring the world closer and on the other hand Xendit Group is shaping the next generation of scalable businesses across Southeast Asia. Xendit Group is propelling the region's digital transformation by addressing access, reliability, and regulatory needs to enable more businesses to scale and thrive.

Talking about the partnership Sheshagiri (Sukesh) Malliah, Regional Director - Asia TerraPay said
"it gives us immense pride in announcing our partnership with Xendit Group, which is one of the most reliable payout partner with stellar success rates and real time disbursement capabilities across banks and e-wallets used in Southeast Asia. Our advanced payments system is designed to make digital transactions simple, secure, and easy which is also at the core of Xendit Group. Together we will make digital transactions seamless and faster for Filipino and Indonesian businesses. This association will further enhance interconnectivity, interoperability, and financial integration between domestic and cross-border digital payments"

Moses Lo, Xendit CEO and Co Founder commented, “We are delighted to collaborate with TerraPay to enable acceptance of real time payments across our well entrenched network in Southeast Asia. Our partnership will allow money to move in and out across borders. TerraPay’s unique technology platform, with interoperability at its core, backed by our strong merchant network, can facilitate easy and quick adoption of mobile wallets across the region, serving consumers seeking secure contactless payments options.”