YouTrip has inked a six-year partnership with Visa to accelerate its expansion into Southeast Asia (SEA). With presence in Singapore and Thailand, the fintech startup plans to establish bases in Malaysia and the Philippines.
Malaysia and the Philippines present loads of potential with outbound travel expenditure expected to reach US$12.4b and US$12.0b respectively in 2021. They are also two of the fastest-growing countries in SEA in mobile payment adoption.
In just two years, YouTrip has amassed more than one million downloads. Despite the pandemic, it has established a strong foothold in the multi-currency space online and has successfully pivoted to overseas e-commerce payment and recorded a three-fold increase in quarterly transactions, compared to the same period last year.
With rising disposable incomes and increased air connectivity, the region is part of Asia Pacific’s projected US$541million outbound tourism expenditure in 2030. Close to 70 percent of consumers in SEA expect their usage of cashless payment methods to increase over the next 12 months, according to Visa’s Consumer Payment Attitudes study.
The likely resumption of regional before international travel presents YouTrip with an opportunity to solve a unique pain point for SEA travellers, which is the need to use different currencies in different countries.
Leveraging Visa’s global network of 70 million merchant locations worldwide will let YouTrip enable travellers with access to cross border payment solutions such as wholesale exchange rates and no foreign currency transaction fees in more than 150 currencies.
“Our partnership with Visa will enable our continued growth to drive the next generation of payment innovation of cross border payments. We are incredibly excited for the opportunities ahead to serve millions of consumers in SEA and empower them with the solutions they deserve,” said Caecilia Chu, Co-Founder and CEO of YouTrip.
“Together, we look forward to bringing faster, safer and more convenient digital payments to people across the region,” said Matt Wood, Head of Digital Partnerships Asia Pacific at Visa.