Homegrown fintech startup NextPay expands its digital payment solutions with Email Money, allowing users to transfer cash to any bank or e-wallet via email with no need for the recipient’s account details.
By removing the need to collect and manage recipient’s bank details, Email Money provides growing businesses with greater convenience when transferring funds, paying suppliers or customers.
The new service also adds another layer of privacy, especially for small businesses using personal bank accounts for transactions.
Furthermore, it minimizes the incidence 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," says NextPay Chief Executive Officer and Co-Founder Don Pansacola.
"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,” he elaborated.
Last year, the fintech surpassed P1 billion in total transaction volume for over 400 local businesses and grew its customer base by 20 times.
For 2022, NextPay expects to sustain its the growth momentum by introducing more financial tools and services tailored for micro, small and medium enterprises (MSMEs), not just Email Money but also cryptocurrency services, bills payment, lending and corporate cards.
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 and phone number.
Once the transfer has been completed, the recipient will receive an email to notify them of 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," NextPay Chief Experience Officer and Co-Founder Aldrich Tan stressed.
"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,” he pointed out.
Email Money is one of the digital banking solutions that NextPay developed through the $1.9-million funds that it raised from its pre-seed and seed funding rounds last year.
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, led the rounds.
“We will continue to make strides in achieving our goal of putting the power of big banks to growing businesses by constantly pursuing innovation,” pledged NextPay Head of Growth and Co-Founder Artie Lopez.
NextPay is an alternative to bank accounts for small businesses and entrepreneurs in the Philippines.
Through the platform, companies can collect customer payments via digital invoices, manage their cash, and pay their employees, suppliers, or bills in batches to any bank or eWallet.
Lowering the barriers for growing businesses, NextPay operates on a pay-per-use model and does not require any set-up fees or maintaining balances.