Xfers is personalising and simplifying payments for online sellers across Southeast Asia. Its technology platform, which can be integrated with many banking networks and payment gateways, streamlines online bank transfers by giving sellers a one-click payment link that automatically gives buyers bank account information and tracks payments as they process. Merchants wishing to use it simply enter an item’s price and their bank account information into Xfers’ site, which automatically generates a link. A notification is sent when the payment is completed. The company’s services are free for peer-to-peer users and it monetizes by charging enterprise clients a flat fee. The payment link now also reconciles inventories, and verifies accounts to protect buyers and prevent fraud, which is a huge risk with bank transfers.
How they’re disrupting
Currently, many online sellers in Southeast Asia still use bank transfers, but this is unsafe, slow and open to fraud. Xfers is currently targeting two main types of users. The first are enterprise users who rely on bank transfers for payments, including remittance and crowdfunding companies. The second are peer-to-peer sellers in Southeast Asian countries like Indonesia.
Southeast Asia comprises 11 countries and has a population of around 623 million. The target market for Xfers is huge and ripe for change. In Indonesia alone, 80% of e-commerce transactions are still arranged through social media platforms like Facebook and Instagram or web forums.
Investments and future
Xfers has raised $2.5 million in funding. Based in Singapore, Xfers plans to use the funding to expand across Indonesia before tackling other markets in Southeast Asia.