Manila, Philippines – Philippine-based fintech startup NextPay has expanded its digital payment solutions with the introduction of ‘Email Money’, the first-of-its-kind payment service in the country that allows users to transfer money to any bank or e-wallet without the need for the recipient’s account details – only an email.
‘Email Money’ is one of the digital banking solutions that NextPay developed through the US$1.9m funds that it has raised from its pre-seed and seed funding rounds in 2021.
The new service 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.
To send money via email, the fintech 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.
Don Pansacola, NextPay’s chief executive officer and co-founder, shared that they are giving the 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 e-wallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business,” said Pansacola.
Meanwhile, Aldrich Tan, NextPay’s chief experience officer and co-founder, said, “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.”
Artie Lopez, NextPay’s head of growth and co-founder, commented, “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 plans to introduce more financial tools and services tailored for MSMEs this year, including cryptocurrency services, bills payment, lending, and corporate cards.