Tala, the global technology company building the world’s most accessible financial services, announced the launch of Tala Wallet, providing underbanked customers with a seamless destination to manage their daily money needs and build financial stability – all 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.
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 partnership between Tala and UnionDigital Bank is grounded on the commitment of empowering individuals with access to seamless, secure, and reliable financial services.
In its beta phase, Tala’s digital wallet organically grew by 18x with nearly two billion pesos worth of loans already disbursed to the Tala Wallet. Tala’s new digital wallet is available starting today in the Philippines and will be rolled out in other Tala markets in the near future.
“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,” Jori Pearsall, Chief Product Officer of Tala, said.
“The main difference of Tala Wallet to other digital wallet services is that we are building 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 Product of Tala, added.
