Singaporean multi-currency mobile wallet YouTrip has collaborated with Visa to fast track its expansion into the rest of Southeast Asia.
The six-year partnership will offer YouTrip access to Visa’s global network of 70 million merchant locations.
The aim is to offer Southeast Asia travellers cross border payment solutions including wholesale exchange rates and zero foreign currency transaction fees in more than 150 currencies.
The expansion will begin with Malaysia as well as the Philippines in the next six to 12 months.
YouTrip believes that both the markets have great untapped potential. Outbound travel expenditure in Malaysia is anticipated to reach $12.4bn this year while in the Philippines the same is expected to reach $12bn, the fintech firm said.
These two markets are also said to be two of the fastest-growing Southeast Asian countries to adopt mobile payments. The usage of mobile payments in these markets has been found to have grown from 17% to 40% and 14% to 45%, respectively.
In this context, YouTrip said that unlike regional travel in Europe or the US, travelling within South-east Asia calls for multi-currency spending.
“Coupled with the year-long pent up demand for travel and cross-border payment, this puts YouTrip in good stead for further expansion,” stated the fintech.
It also cited Visa’s Consumer Payment Attitudes study that reveals a strong preference for digital payments among consumers in Southeast Asia.
According to the study, around 70% expect a rise in adoption of cashless payment methods in the next 12 months.
Visa head of Digital Partnerships Asia Pacific Matt Wood said: “We are excited to work with YouTrip across Southeast Asia to provide consumers and businesses with a multi-currency payment solution that is ideal for international eCommerce and cross-border travel.
“Together, we look forward to bringing faster, safer and more convenient digital payments to people across the region.”
YouTrip said that the latest collaboration will help it deliver its hyper localised, ‘Truly No Fees’ offering to travellers.
The fintech currently has a presence in Thailand in addition to Singapore and has garnered over one million downloads so far.
It expanded into Thailand through a tie-up with Kasikornbank, marking its first regional expansion.
