Xendit, a mobile wallet that allows consumers to pay each-other without fees, plans to leverage on the growing usage of smartphones and internet penetration in the country. The company is pitching itself as a private money transfer service that is competing with companies like Venmo in the Southeast Asian market.
Xendit’s co-founder Moses Lo said in a statement the users can transfer money within private groups, as well as chat. Since starting the beta a few months ago, the company claims that 13,000 people are using the service.
Users load money onto Xendit and they can send and request money from friends in the service or via phone numbers. The company not only has to work with Indonesian banks, but also ATM networks.
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