Singapore multicurrency e-wallet YouTrip partners with Visa

YouTrip, Singapore’s multicurrency e-wallet, announced that it has formed a six-year partnership with Visa to expand in Southeast Asia.

Photo credit: YouTrip

Launched in Singapore in 2018 and subsequently in Thailand in 2019, YouTrip said it has amassed over 1 million downloads to date.

Most recently, the fintech firm has pivoted to overseas ecommerce payment and claims to have recorded a threefold increase in quarterly transactions, compared to the same period last year.

Asia Pacific is projected to have 541 million arrivals in outbound tourism by 2030. And in Southeast Asia, around 70% of consumers are expecting to increase their usage of cashless payments over the next 12 months.

Unlike regional travel in other parts of the world, traveling within Southeast Asia requires multicurrency spending. YouTrip aims to solve this pain point with its app.

Leveraging Visa’s global network of 70 million merchant locations worldwide, YouTrip aims to enable Southeast Asian travelers to access cross-border payment solutions such as wholesale exchange rates and no foreign currency transaction fees in over 150 currencies.

YouTrip is eyeing Malaysia and the Philippines as its next potential markets in the following six to 12 months. In 2019, outbound travel expenditure reached US$12.4 billion and US$12 billion in Malaysia and the Philippines, respectively.

“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.