Filipino fintech startup NextPay expands its digital payment solutions with the introduction of Email Money — the first of its kind payment service in the Philippines that allows users to transfer money to any bank or eWallet without the need for the recipient’s account details — only an email.
With Email Money, NextPay provides growing businesses with greater convenience when transferring funds, paying suppliers or customers by removing the need to collect and manage their recipient’s bank details.
This new service also adds another layer of privacy, especially for small businesses that use their personal bank accounts for their transactions. It also lessens the instance of human error, as the sender does not need to input long bank account details, reducing the process of manual verification.
“We are giving our customers more options to transfer funds through Email Money. By introducing the country’s first payment service that enables users to transfer money to any bank or eWallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business,” according to Don Pansacola, NextPay Chief Executive Officer and Co-Founder.
To send money via email, NextPay users simply have to choose Email Money under the recipient’s receiving option and input the recipient’s email address and phone number. Once the transfer has been completed, the recipient will receive an email notification for the transaction.
Recipients may then choose which bank or eWallet they would like to receive their funds and confirm their identity with a one-time password — giving them full control and flexibility while allowing them to instantly receive the funds.
Both the sender and receiver will receive notifications when the funds have been successfully received. If the link remains unopened after the availability period, the funds will be transferred back to the sender’s account.
“We constantly pursue new innovations that are relevant to our target market – the 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,” Aldrich Tan, Chief Experience Officer and Co-Founder of NextPay.
Email Money is one of the digital banking solutions that NextPay developed through the US$1.9M raised from its pre-seed and seed funding rounds last year, led by Silicon Valley-based startup accelerator Y Combinator, Singapore-based venture capitalist Golden Gate Ventures, and Gentree Fund — a private investment vehicle of the Sy Family of the SM Group conglomerate.
The startup expects to ride the growth momentum this recording remarkable growth in 2021, surpassing PHP1B in total transaction volume and growing its customer base by 20x last year.
“We will continue to make strides in achieving our goal of putting the power of big banks to growing businesses by constantly pursuing innovation,” NextPay Head of Growth and Co-Founder Artie Lopez added.
NextPay plans to introduce more financial tools and services tailored for micro, small, and medium enterprises (MSMEs) this year, including cryptocurrency services, bills payment, lending, and corporate cards.