6 Jan - 2 min read
Singaporean multi-currency mobile wallet YouTrip has announced a six-year partnership with Visa to accelerate its expansion into the rest of the Southeast Asian region. YouTrip is currently available in Singapore and Thailand and plans to begin its expansion with entry into Malaysia and the Philippines.
Leveraging on Visa’s global network of 70 million merchant locations worldwide, YouTrip aims to offer Southeast Asian travellers access to cross border payment solutions such as wholesale exchange rates and no foreign currency transaction fees in over 150 currencies. With regional travel poised to be the first step towards international travel recovery, YouTrip sees an opportunity to solve a unique pain point for Southeast Asian travellers with a year-long pent-up demand for travel and digital cross-border payment.
“Our partnership with Visa will enable our continued growth to drive the next generation of payment innovation of cross border payments,” said Caecilia Chu, Co-Founder and CEO of YouTrip. “We are incredibly excited for the opportunities ahead to serve millions of consumers in Southeast Asia and empower them with the solutions they deserve.”
Matt Wood, Head of Digital Partnerships Asia Pacific at Visa 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.”
In a short span of two years, YouTrip has amassed over 1 million downloads in Singapore and Thailand to date. YouTrip is looking to the Malaysian and Philippine markets as massive untapped potential with outbound travel expenditure expected to reach US$12.4bn and US$12.0bn from Malaysia and Philippines respectively in 2021. According to the digital wallet, it is hoping to enter Malaysia and the Philippines in the next 6-12 months.
You can find out more about YouTrip here.
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