News

Bangkok, 17 November 2015 - Thailand's three leading mobile phone operators AIS, dtac, and TrueMove H are teaming up to launch a universal e-wallet for mobile devices that allows fund transfers across their three applications - AIS mPAY, Jaew Wallet, and Wallet by TrueMoney - with no network restrictions.

Users can conveniently transfer funds and pay for purchases withjust a mobile number anywhere, anytime. MasterCard and Thanachart Bank are working with the three operators to ensure world-class security for the platform in an unprecedented collaboration that sets a new standard for Thailand's e-money industry and pushes the country closer to a "cashless society" that meets the aspirations of the government's Digital Economy policy.

The partnership among the three major operators is a response to the increasing preference among Thais for making transactions online and via mobile. MasterCard's Online Shopping Survey found that 58.8% of Thais performed at least one mobile transaction in 2014, reflecting the worldwide trend in e-commerce and mobile commerce. Prepaid payment systems such as e-wallets, real-time transfers, and mobile platforms are expected to rise in popularity and accountfor 59% of all transactions in 2017 compared to 43% in 2012.

Supreecha Limpikanjanakowit, Managing Director of Advanced mPAY Co., Ltd., said, "AIS' vision calls for leadership as a digital service provider,we aim to deliver beneficial digital networks and services for Thai people to live more.One of the key parts in this vision is the provision of digital money services that make financial technologies accessible to all Thais. Through the AIS mPAY app, consumers can engage in various financial transactions on their mobile devices, and this joint effort to connect the three digital wallet services will allow customers to overcome previous boundaries and experience greater convenience in fund transfers - a result in line with AIS mPAY's ‘Digital Money for Everyone' concept. With one app now able to handle transactions with users on any network, we can work together to expand Thailand's digital money market in response to global trends and the Bank of Thailand's plan to develop a cashless society by reducing cash usage and bringing e-wallets into the picture for bill payments, shopping, and fund transfers."

Panthep Nilasinthop, Senior Vice President - Head of Financial Services & Innovation Division for Total Access Communication PLC or dtac added, "dtac's most important goals in our financial services are to drive the country in being ‘Cashless Society' and truly support the government's Digital Economy policy. This will enable Thailand to be equal to other leading countries. While mobile penetration rate in Thailand has continually increased up to 145%, we came up with a vision and mindset of ‘Internet for All to create Financial for All' to establish financial exclusivity for everyone. It can be seen from our previous services such as the payment gateway service established in 2007, Over the Counter (OTC) Payment that reaches all markets in Thailand and most recently, Jaew Wallet, an application that caters to the needs of tech-savvy generations, that we focus on convenience and safety. This collaboration will change the history of fund transfers on e-wallet applications as it has no network restrictions and will cater to the real needs of consumers today. It is also a great start to the industry in connecting all payment services with just one mobile phone number."

PunnamasVichitkulwongsa, Managing Director of True Money Co., Ltd., said, "As a leader in the e-money industry, TrueMoney's mission is to make every financial transaction a simple matter. This is the motivation behind our Wallet by TrueMoney app, which allows people anywhere to conveniently and securely perform digital financial transactions. With fund transfers across multiple e-wallet services now possible, we can help consumers overcome limitations and offer even more added value to the service through the convenience of anywhere, anytime financial transactions on any network. The partnership also supports the government's policy on electronic financial services - a key driving force that will propel the country towards the future of finance in the digital era."

Antonio Corro, Country Manager for Thailand and Myanmar at MasterCard, added, "MasterCard is proud to be part of this partnership between the three leading mobile operators. Our interoperability technology ensures that all customers can use their digital wallets easily and with full confidence no matter where or when, and our new Zero Liability Promiserepresents a commitment to security in every transaction in today's online financial landscape."

ParinyaJinantuya, First Vice President of CASA and Payments for Thanachart Bank PLC, said, "This partnership is a continuation of the BIN Sponsorship program, which involved collaboration with the subsidiaries of all three mobile operators to design AIS mPAY MasterCard, PAYSBUY MasterCard, and WeCard by TrueMoney pre-paid cards - which work in both virtual and plastic forms. To further develop Thailand's e-payment scene, Thanachart Bank PLC is once again providing full backing to this initiative as a leading expert in payment systems to expand the scope and efficiency of mobile financial services for all customers through the ability to transfer funds across services."