This Startup Is Introducing 'Email Money' and It's Exactly What It Sounds Like

Is this the next step in financial technology? The folks at NextPay think so. 

On Sunday, the financial technology (fintech) startup backed by Filipino conglomerates and foreign venture capitalists, launched Email Money, effectively expanding its digital payment solutions.

Email Money essentially allows users to transfer funds to any bank or e-wallet using only the recipient’s email, removing the need to collect and manage their recipients' bank accounts. According to NextPay, it is the first of its kind payment service in the Philippines. 

The new service also adds another layer of privacy, reduces human error, and provides greater convenience and flexibility to both sender and receiver. 

Those who use NextPay can use the service by choosing Email Money under the recipient’s receiving option, which will then prompt the sender to input the receiver’s email and phone number. Once the transfer has been completed, the recipient will receive an email to notify them of the transaction. They may then choose the bank or e-wallet they would like to receive their funds.

Both sender and receiver will receive notifications when the funds have been successfully received.

“We are giving our customers more options to transfer funds through Email Money,” NextPay CEO and co-founder Don Pansacola said. “By introducing the country’s first payment service that enables users to transfer money to any bank or eWallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business.”

“We constantly pursue new innovations that are relevant to our target market—the micro, small and medium enterprises. Email Money is a solution fit for businesses that need to process refunds or for those who want to settle their obligations early to finalize their book,” NextPay chief experience officer and co-founder Aldrich Tan said.

NextPay is a local fintech backed by various organizations, including Silicon Valley-based startup accelerator Y Combinator, Singapore-based venture capitalist Golden Gate Ventures, and Gentree Fund, a private investment vehicle of the Sy Family of the SM Group conglomerate. It was launched in 2020 and gained traction a year later, surpassing P1 billion in total transaction volume and expanding its customer base by 20 times.

The startup plans to introduce more services tailored for growing businesses this year, including cryptocurrency services, bills payment, lending, and corporate cards.