TransferWise links up with Indonesian, Philippine e-wallets: CEO

08-Nov-2019 Intellasia | Reuters | 8:50 AM Print This Post

Money transfer company TransferWise has begun processing international payments into Asian digital wallets in a move that its CEO says reflects their growing use as an alternative bank account.

E-wallets, which allow users to make cash transfers using their mobile phones, are widely used in many Asian markets.

TransferWise’s move in the Philippines and Indonesia is a shift in how the company does business in Asia, as in most other countries it provides cross-border payments only between bank accounts, Chief Executive Officer Kristo Käärmann said in an interview.

“It’s a recognition that maybe in the future we will view wallets the same as bank accounts,” he said.

The whole of Southeast Asia has more than 150 digital wallets fighting for market share and there are more in India, China and South Korea, where the industry is more mature and more consolidated.

International players are also looking to the region. WhatsApp is considering linking up with e-wallets in Indonesia to provide mobile payments, its second market for payments after India, Reuters has reported, citing sources.

https://www.reuters.com/article/us-transferwise-asia/transferwise-links-up-with-indonesian-philippine-e-wallets-ceo-idUSKBN1XF2RD

 


Category: Philippines

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