Product Updates

Xfers launches Xfers Direct to enable quick bank transfers in Singapore — powered by a single API

Sharon Lourdes Paul
May 8, 2020

It’s a long time coming for our team to unveil what we’ve been working over the past months. Introducing Xfers Direct — a new straightforward payment method for our partnering merchants to enable quick bank transfers via the FAST network for their customers.

We heard you and have made a change!

A month ago, amidst the global #Covid19 phenomenon, our CEO, Tianwei Liu shared a timely reminder:

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” — Darwin

Over the course of 2019, one of the top feedback that we received from our merchants and users was how it is sometimes a hassle for users to top-up their personal Xfers wallet before making a transfer to our merchants.

Days were spent on figuring out how to streamline the user-experience of topping up an Xfers wallet. However, the “ah-ha!” moment arrived when we realised that the biggest impact would be for us to offer an alternative payment method entirely different from the existing Xfers Wallet.

While there were hesitations to make such a change, the answer was as clear as day when we thought of the convenience it’ll bring to both businesses and their users. Once this was established, the team wasted no time and hunkered down to develop the new non-wallet Xfers payments product.

Introducing, Xfers Direct.

1. Streamlined User Experience

Xfers Direct: Deposit and withdraw funds directly on the merchants’ websites/apps

Deposits and withdrawals are now simplified with Xfers Direct!

  1. Customers will no longer need to access the Xfers’ dashboard when performing a transaction with one of our merchants. Instead, with our merchants adopting our API, users can perform deposits and withdrawals directly on the merchant’s website.
  2. In addition to the straightforward user-experience, merchants can expect to receive their funds quickly, 24/7!*

*Xfers Direct is built on the FAST network and is subjected to the uptime of this network.

2. Nationwide Accessibility — Over 19 banks accepted*

Banks accepted with Xfers Direct and Xfers Wallet (*accurate as of 8th May 2020)

No matter which bank you choose to bank with, we care about you. With over 19 banks accepted for bank transfers, we have significantly lowered the barrier for our merchants and end-customers.

3. Xfers Payments Suite: Xfers Wallet & Xfers Direct

Upon implementation of Xfers Direct by merchants, users will have the flexibility of sending funds via two payment methods:

  1. Xfers Wallet: A digital wallet for your end-users to hold their funds securely with Xfers
  2. Xfers Direct: Direct bank transfers via the FAST network

The concluding question — “Where and when can I start using Xfers Direct?”

Wait no more as Xfers Direct is now live with the following merchants:
Updated as of 9 July 2020

P.S. shoutout to fellow Xfers comrades for making this happen at record time! Let’s put some faces to the team, shall we?

That’s all, folks :)


Sharon Lourdes Paul
Head of Payments, Xfers

We want to help you streamline your payment needs. If you’re interested in learning more about Xfers Direct, please contact us at [email protected] or visit our FAQ page.

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