Heaptalk, Jakarta — Unicorn Xendit expands the Thai market by offering digital payment product and embedded finance, expecting to enhance the growth potential of Thailand’s digital economy. The country reportedly is Xendit’s fourth Southeast Asian market after broadening its presence to the Philippines and Malaysia.
This payment gateway startup revealed that SEA’s digital economy is gaining global investor attention due to its continuous growth prospects. It has had an average annual growth rate of 27% since 2021. Several factors, including the expansion of digital consumers, the drive for new businesses, the popularity of e-commerce, and the growth of digital finance, support this growth.
Moreover, the e-Conomy SEA Report 2023, a collaboration between Google, Temasek, and the consulting firm Bain & Company, which surveyed the economies of six ASEAN countries: Vietnam, Thailand, the Philippines, Malaysia, Singapore, and Indonesia, reported that the revenue from the digital economy of Southeast Asia in 2023 is around USD100 billion. This revenue is divided into US$70 billion from businesses like E-commerce, Online Travel, Transport & Food Delivery, and Online Media.
“Expanding into new markets is not just about reaching new customers; we believe in empowering businesses with the tools they need to thrive. Our mission has always been to build an outstanding digital payment infrastructure for Southeast Asia smoothly. By broadening our reach in Thailand, we are taking another step towards making that vision a reality for even more people,” Xendit Group’s Co-Founder and CEO, Moses Lo, said.
Xendit has served over 6,000 clients across Southeast Asia, with over 320 million transactions per year through payment processing, international money transfers, business operations, shop management, and other digital financial services.
Its significant enhancement enables the company to widen its business reach in multiple countries. As is known, Xendit noted its Total Payment Volume (TPV) attaining more than US$19.2 billion (around Rp300 trillion), with over 4,500 Indonesian merchants in 2023.
According to the internal report, the startup observed that virtual account services remain the primary preference for receiving payments in Indonesia in 2023, contributing more than 50% of the total payment volume (TPV) on Xendit. This output grew by 7% compared to the previous year. Xendit’s QRIS transactions also increased by 6%, reaching over 20 million.
“With our hyperlocal expertise and global best practices, we will be bringing more local payment methods and direct integrations to banks in Thailand that can help to catalyze economic progress and drive positive change for the communities,” affirmed Co-Founder and CEO of Xendit Thailand, Tessa Wijaya.
