Thailand eWallet Guide: A Comprehensive Explanation

Thailand's leading e-payment platforms

1. PromptPay - National-level instant payment system facilitated by the Bank of Thailand

   • Transfer of funds by mobile phone number or ID number
   • Support interbank free transfer
   • High popularity of QR code payment

2. TrueMoney Wallet

   • Products of True Corporation (in co-operation with Anthem)
   • Features include.
     • P2P transfers
     • Bill Payment
     • Online Shopping
     • ATM cash withdrawal service

3. Rabbit LINE Pay

   • E-wallet built into the LINE app (Japanese-Korean joint venture)
   • BTS Light Rail Card Integration (Rabbit Card)
   • Widespread use within the LINE ecosystem

4. ShopeePay

   • Payment tools for Shopee e-commerce platform (part of Sea Group, Singapore)
     Features.
     • Shopee shopping with great deals
     • Wide coverage of O2O scenarios

5. GrabPay
   The financial services arm of Southeast Asian mega-app Grab, in Thailand has.
   Advantages of taxi/takeaway/delivery scenarios

Feature Comparison

Developments after COVID-19

Cashless transactions in Thailand to grow by 300% after 2020, Key Trends.

• "Digital Wallet Stimulus Programme (DWSP) government subsidy to boost adoption to 67% adults using digital payments (2021 data)

• QR Code Unified Standard Thai QR Payment Enables Cross-Platform Interoperability

• Regional players such as Grab Finance and AirAsia's BigPay accelerate their presence

• CBDC Pilot Project Has Begun Testing Retail-Based Digital Currency Applications

In-depth analysis of e-wallets in Thailand (continued)

6. Bank-based e-wallets

In addition to third-party payment platforms, major Thai banks have also launched their own digital wallet solutions:

• SCB Easy(Banco de Comercio)

  • Full digitalisation of account opening
  • SCB ATM network support
  • "Buy Now Pay Later" instalment service

• KBank Next(Kaitai Bank)
  Featured Function:

  • AI Financial Assistant
  • K-Point Integral System
  • mCash Cardless Cash Withdrawal

• Krungthai NEXT(Taegeuk Bank)
  The main channel of government welfare disbursement, support:
  ▸ National Welfare Card top-ups
  ▸ Agricultural subsidy payments

B2B applications

1. Merchant side integration

   • QR code acquiring cost only 0.25-0.75% (compare to credit card 1.5-3%)
   • TrueMoney Offers SaaS Collection Solutions
   • LINE Official Account and Payment Deep Binding

2. supply chain finance
   Case: CP Group and PromptPay docking implementation:
   ✓ Real-time vendor billing
   ✓ Digital reconciliation system
   Dynamic discount financing

🚀 Innovative Functional Frontiers

1. Progress in cross-border connectivity

   • PromptPay is interoperable with PayNow Singapore (launching April 2021)
   • Malaysia-Thailand QR Payment linkage testing in progress
   • Laos/Cambodia border area pilots TrueMoney cross-currency settlement

2. Embedded Finance (EF)
   Typical Scene:
   - Lazada In-App Enrolment Feature (in partnership with Chubb)
   - Grab Instant Loans for Drivers
   - Shopee Seller Credits

3. Web3 convergence attempt
   ▪️ Siam Commercial Bank's NFT trading platform supports digital wallet payments
   ▪️ Bitkub Exchange Allows TrueMoney Deposits

📊 Key data indicators (2023 update)

🔮Future Development Trend Forecasts

1️⃣⃣ 'Super app' competition heats up: expect Grab, LINE and Shopee to further integrate high-frequency scenarios such as takeaways, travelling and socialising.

2️⃣ REGULATORY UPGRADE: The Bank of Thailand (BOT) is drafting a Digital Payment Services Act that could require.
- Segregation of funds escrow
- Anti-Money Laundering Compliance Enhancement
- Restrictions on the percentage of foreign ownership

3️⃣ Rural market breakthrough: current urban penetration rate of 89% vs. 52% in rural areas, Agri-wallet products will become a new growth point.