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Thailand is a leader among leaders. The country is one of the earliest and most avid adopters of online payments in Southeast Asia, a region that's leapfrogged the rest of the world in e-wallet adoption.
Digital wallets already rank as the top digital payment method used in Thailand — an upward trend that's expected to continue, with the Thai mobile payments market seen to register a compounded annual growth rate of 14% from now till 2029.
TrueMoney Wallet leads the pack for mobile wallet adoption and usage in Thailand, with its 53% market share.
Its broad, versatile feature set drives the TrueMoney Wallet's continuing popularity among Thais. Its widespread use in turn makes it a valuable resource for merchants aiming to access the Thailand market.
To get to know Thailand's most popular e-wallet, read this overview of the TrueMoney Wallet and what it offers.
Key features of TrueMoney Wallet
It doesn't take much to get started: once they add funds to their TrueMoney Wallet or link their credit card to the app, TrueMoney users can perform a surprisingly broad variety of transactions from the TrueMoney smartphone app.
- Pay for purchases and top-ups: Users can pay securely for mobile top-ups, bill payments, and both online and offline purchases with their TrueMoney Wallet. Users can also purchase insurance, invest in gold, and apply for Buy Now Pay Later (BNPL) over the TrueMoney app. The app is compatible with the nationwide PromptPay QR protocol, allowing instant payment via QR code at POS.
- Earn points and rewards: Users enjoy TrueMoney-exclusive promotions and discounts across a wide variety of merchants and services.
- Make cross-border payments: TrueMoney's moneytransfer capabilities to send TrueMoney Wallet funds to local bank accounts — or do effortless cross-border transactions, from remitting to foreign banks from Thailand or making QR-code payments while traveling overseas
- Open an online bank account: Qualified TrueMoney Wallet users can also upgrade to a Money Plus high-yield saving account that offers 1% cashback on every purchase made via the TrueMoney app, with interest of up to 4% per year under certain conditions.
- Enjoy protected transactions: TrueMoney Secure verifies users' identity through face-detection technology, scanning their face at the login and confirmation stages before permitting money transfers.
Using TrueMoney for bills, convenience store purchases and more
Thais can use their TrueMoney Wallet to pay across a wide variety of retail and convenience stores that accept TrueMoney payments, reducing the need to pay for cash at thousands of convenience stores, cafes, and other merchants across the country.
To pay at the point of sale (POS), TrueMoney users can just open the app and allow the merchant to scan the barcode. The system then debits from either their TrueMoney Wallet balance or a credit card linked to the user's e-Wallet.
Users can also use their TrueMoney Wallet balance to pay for credit card transactions by applying for a TrueMoney Mastercard, an online credit card that can be used wherever MasterCards are welcome. A currency conversion risk fee of 3.5% of the spending amount will be charged if the TrueMoney MasterCard is used to buy from overseas merchants.
The TrueMoney Mastercard offers an additional safety layer: users can simply lock the card via the app to protect against fraudulent transactions.
TrueMoney Wallet users can earn rewards on the regular. The platform's exclusive promotions and discounts come in a variety of forms — including cashback on purchases, discount coupons, or TrueMoney Coins that can be exchanged for discount coupons or funds added to one's wallet.
TrueMoney Wallet's money transfer capabilities
TrueMoney Wallet's feature set isn't just limited to Thais and the country's borders. Tourists and migrant workers in Thailand can also use TrueMoney's money transfer capabilities to send TrueMoney Wallet funds to local bank accounts, other TrueMoney Wallets, or even remit funds to foreign banks.
For Thai TrueMoney users traveling abroad, the TrueMoney Wallet allows POS payments with the same ease as a local transaction. Thanks to a partnership with Ant Group and the Alipay+ ecosystem, TrueMoney users can dine, travel and shop with their TrueMoney Wallet in popular travel destinations — including Japan, South Korea, Singapore, Malaysia, France, Italy, Germany, the United Kingdom, and more. With TrueMoney on their phone, users no longer need to find currency exchanges or ATMs to get cash!
TrueMoney's international remittance service TrueMoney Transfer enables migrant workers in Thailand to quickly remit money to relatives back home in Cambodia or Myanmar. The app provides a significant level of transparency — for instance, it allows users to view updated currency rates prior to remittance transactions, based on the daily foreign exchange rates with no add-on charges.
TrueMoney's benefits for businesses
Overseas merchants can accomplish multiple goals in Thailand by linking up with TrueMoney's 30 million-strong domestic active user base (50 million if you count TrueMoney's regional network).
First, the platform's broad reach and massive customer base exerts a network effect that helps reduce the workload of managing payments across TrueMoney's regional network, while simultaneously increasing efficiency.
Secondly, TrueMoney's operations are authorised by the Bank of Thailand, with robust additional security measures implemented by TrueMoney and its partners.
This reduces risk for merchants, who no longer need to invest in additional security services to protect transactions on their end. Customers, too, will enjoy the convenience and peace of mind of using TrueMoney's secure platform, with no need to divulge credit card details or bank account number information.
Why choose TrueMoney Wallet?
In a rapidly expanding mobile payment market, TrueMoney stands out for its complete dominance, founded on its convenience, security, and extensive network of merchant partners and services.
E-commerce merchants considering expansion to Thailand should put TrueMoney on the top of its to-do list, as the Thai platform provides new market entrants with essential payment solutions for driving business growth.
Antom can help you onboard TrueMoney Wallet and more besides – with Antom, you can gain access to an ecosystem of hundreds of payment methods. Our deep market expertise, extensive network of partners, and advanced payment technologies can help your business increase revenue and seamlessly expand into Thailand and beyond.
Contact us to learn more about TrueMoney and payments in Asia.
TrueMoney Wallet Frequently Asked Questions (FAQs)
Yes, you can transfer funds from your TrueMoney Wallet to local bank accounts, enabling seamless access to cash when needed.
TrueMoney Wallet offers a versatile range of services, including secure payments, exclusive rewards, international remittances, and the ability to upgrade to a Money Plus high-yield savings account for added financial benefits.
