Top News YouTrip strikes deal with Visa in SE Asia expansion push By TTG Asia / Posted on 6 January, 2021 15:54 Kelvin Lam, YouTrip Regional General Manager of YouTrip and Matt Wood, Visa Head of Digital Partnerships Asia Pacific Multi-currency mobile wallet YouTrip has inked a six-year partnership with Visa to accelerate its expansion in South-east Asia, starting with Malaysia and the Philippines. First launched in Singapore in 2018 and Thailand the subsequent year – the latter in partnership with Kasikornbank – YouTrip has amassed over one million downloads to date. YouTrip’s Kelvin Lam inks partnership with Visa’s Matt Wood to expand its footprint in South-east Asia Despite the pandemic, YouTrip said it continues to establish “a strong foothold” in the multi-currency space online. With its recent pivot to overseas e-commerce payment, the company recorded a three-fold increase in quarterly transactions, compared to the same period last year. With the Visa tie-up, YouTrip hopes to tap into the growing preference for digital payments among consumers in South-east Asia. According to a Visa survey conducted last August among 5,102 consumers across South-east Asia, close to 70 per cent expect their usage of cashless payment methods to increase over the next 12 months. With regional travel poised to be the first step towards international travel recovery, YouTrip said this presents it with an opportunity to solve a unique pain point for South-east Asian travellers. Unlike regional travel in other parts of the world such as Europe or the US, travelling within South-east Asia requires multi-currency spending. Leveraging on Visa’s global network of 70 million merchant locations worldwide, YouTrip aims to give South-east Asia travellers access to cross-border payment solutions such as wholesale exchange rates and no foreign currency transaction fees in over 150 currencies.