Global technology company Tala has launched an e-wallet that allows even the underbanked to manage their daily money needs and build financial stability from within Tala’s award-winning mobile app.
The new Tala Wallet will help Filipino customers save time and money and enable them to do more with their Tala credit.
Previously, many Tala customers in the Philippines would need to travel to a bill pay or remittance center to receive their Tala credit in cash, then carry that cash to other locations to pay bills or move their money, or cash in to other digital wallets. But with the new Tala Wallet, powered by EON owned by UnionDigital Bank, a Tala customer can now receive credit directly into their Tala Wallet and seamlessly pay bills with no transaction fee or transfer money, no travel, and no long lines.
The Tala and UnionDigital Bank partnership is grounded on the commitment of empowering individuals with access to seamless, secure, and reliable financial services, enabling customers to achieve their financial goals and build a better future for themselves and their families.
In its beta phase, the digital wallet organically grew 18 times with nearly P2 billion worth of loans already disbursed but finally only on Monday became available in the Philippines.
The app will be rolled out in other Tala markets in the near future.
In launching the new product in the Philippines, Jori Pearsall, chief product officer, said; “We are extremely happy to partner with UnionDigital Bank to together achieve one goal – financial inclusion. The Philippines has been a hub for many of our innovations and once again we chose the Philippines to launch our latest product, the Tala Wallet. At Tala, we work hard to listen to our customers and create products that help mitigate their financial stress and fulfill their financial needs. We launched the most flexible repayment option out in the market last year and today, Tala Wallet is another one of our products that will help customers seamlessly borrow money, store, pay their bills and send cash to reach their financial goals.”
Tala Wallet differs from other digital wallet services in that it was built with Tala’s robust and developed micro-credit services in mind.
“This gives it a well-built foundation to facilitate its purpose of sending money to relatives, paying bills, and supporting homegrown MSMEs,” Nick Norcross, SVP for global products added.
“Today marks the most exciting advancement in financial inclusion since Tala first pioneered digital credit 8 years ago,” said Shivani Siroya, Tala founder and CEO. “The new money mobility tools give underbanked customers a choice to do much more with their credit and build financial stability. This launch is in line with our global mission to enable financial agency for the underestimated. You will see many more products from Tala in the near future.”
Paulo Dalupan, site operations director, said: “Tala in the Philippines is receiving good feedback from borrowers. They are extremely satisfied with the service received. Reports show a Net Promoter Score® of 84, which is excellent. Most of the customers feel this way because of the efficient loan approval process and the reliable and easy-to-use Tala application.”
According to him, 99 percent of Filipinos trust Tala with their personal information.
“Coming together with Tala will be one of our gateways to deliver unparalleled convenience and accessibility in financial services to their 2 million customers. It serves our commitment to financial inclusion and our dedication to empower those who have been excluded from the formal financial systems, enabling them to build a more financially secure future,” said Henry Aguda, President and CEO, UnionDigital Bank.
