YouTrip Inks Deal for Regional Expansion
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The multi-currency mobile wallet has inked a six-year partnership with Visa to grow its reach across Southeast Asia, starting with Malaysia and the Philippines.
The two sides are banking on an international travel recovery and hope to solve a pain point for Southeast Asian travelers by enabling access to cross border payment solutions such as wholesale exchange rates and no foreign currency transaction fees.
Malaysia and the Philippines – two of the fastest-growing Southeast Asian countries in mobile payment adoption– have «massive untapped potential,» with outbound travel expenditure expected to reach $12.4 billion and $12 billion respectively in 2021, YouTrip noted.
The partnership «will enable YouTrip’s continued growth to drive the next generation of payment innovation of cross border payments,» Caecilia Chu, co-founder and CEO of YouTrip said.
Having partnered with Mastercard and EZ-Link to launch in Singapore in August 2018, YouTrip took over the role of issuer and holder of stored value accounts from EZ-Link while continuing the current brand partnership. It also closed a record $25.5 million pre-Series A fundraise in May 2019.
The platform’s plans to tap on the booming regional travel market were nixed with the onset of the Covid-19 pandemic, but it has since pivoted to overseas e-commerce payment and recorded a three-fold increase in quarterly transactions, compared to the same period last year, YouTrip said.
Currently also available in Thailand, the e-wallet has over 1 million downloads to date.
Questions & Answers
Q.Which specific countries will YouTrip be expanding into first under this new partnership?
Which specific countries will YouTrip be expanding into first under this new partnership?
The multi-currency mobile wallet plans to grow its reach across Southeast Asia, specifically starting with expansion into Malaysia and the Philippines. These are two of the fastest-growing Southeast Asian countries in mobile payment adoption.
Q.How has YouTrip's business been affected by the pandemic and what was its response?
How has YouTrip's business been affected by the pandemic and what was its response?
The platform's plans for the booming regional travel market were halted by the Covid-19 pandemic. In response, YouTrip pivoted to overseas e-commerce payment and subsequently recorded a three-fold increase in quarterly transactions.
Q.What is the expected outbound travel expenditure for Malaysia and the Philippines in 2021?
What is the expected outbound travel expenditure for Malaysia and the Philippines in 2021?
YouTrip noted that outbound travel expenditure is expected to reach $12.4 billion for Malaysia and $12 billion for the Philippines in 2021. Both countries show massive untapped potential in the mobile payment sector.
Q.What is the primary problem YouTrip aims to solve for Southeast Asian travellers?
What is the primary problem YouTrip aims to solve for Southeast Asian travellers?
YouTrip aims to solve a pain point for Southeast Asian travellers by enabling access to cross-border payment solutions. These include offering wholesale exchange rates and eliminating foreign currency transaction fees for users.
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