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TrueMoney Announces Strategic Move in Acquiring Merchantsto Accept Payment Via TrueMoney and Alipay Wallets

posted Jul 13, 2017, 9:41 AM by siam coverage   [ updated Jul 13, 2017, 9:44 AM ]

TrueMoney, the leading fintech and e-payment provider in Southeast Asia, announces a strategic move to appoint 6 Master Agents as acquirers of shops and businesses to accept payment via the TrueMoney and Alipay Wallets. The target for this year is to increase the number of shops from 12,000 to 100,000 by the year-end, both in Bangkok and upcountry, in support of the government’s National E-Payment and Thailand 4.0 initiatives and to raise awareness of the ‘Cashless Lifestyle.’


Saranrat Srichiraratana, Country Managing Director of TrueMoney Co., Ltd., reveals “Thailand is still a cash economy but our aim is to introduce a full-scale cashless lifestyle, in keeping with TrueMoney’s mission of enabling everyone access to innovative financial services, leading to better lives. Expanding the network of shops which accept e-wallet payments is one of our objectives of this year, with the target of increasing the number of shops to 100,000 by the year-end. Today we are officially appointing 6 Master Agents, who will help coordinate and acquire quality shops and businesses that fits the lifestyles of TrueMoney Wallet users and are popular with Chinese tourists who use the Alipay Wallet.”


Apart from expanding its merchant network, TrueMoney is also constantly seeking more quality Master Agent to help acquire new shops and businesses to accept payment via the TrueMoney and Alipay Wallets. The 6 Master Agents being officially appointed today are:

Buzzebees Co., Ltd.
Huanyouji Co., Ltd.
Jimu Internet Technology (Thailand) Co., Ltd.
Paywing (Thailand) Co., Ltd.
True Internet Corp., Ltd.
Wongnai Media Co., Ltd.

“Merchants can reassure that these 6 Master Agents are acting in an official capacity in acquiring quality shops and businesses for TrueMoney and Alipay Wallets. They will help clarify details and understanding, as well as benefits that shops and businesses will gain from becoming a part of our network. These shops
and businesses will enjoy increased revenue and opportunities while this endeavor will help form a cashless society in Thailand that is being promoted by the Thai government,” adds Saranrat.

Pipavin Sodprasert, Thailand Country Manager of ANT Financial Services Group, operator of Alipay, says, “Alipay is an application that fulfills the digital lifestyle needs of the Chinese population. We currently have more than 450 million active users and of that figure, about 10 million travel to Thailand each year to visit. With that figure continuing to grow every year, expanding the network of businesses and shops which accept Alipay that is widely popular with the Chinese population will help shops and businesses attract this group of consumers with high purchasing power. Ant Financial Services Group places great importance in helping SME shops and businesses expand and hopes to become a part in aiding Thai SMEs to step into the digital economy, in accordance with the Thailand 4.0 initiative of the Thai government. We are very happy to join hands with TrueMoney as we see TrueMoney’s determination and enthusiasm in providing quality and secure financial services, in line with the e-payment regulations of the Bank of Thailand. Apart from helping shops and businesses enjoy increased revenue from Chinese tourists via the Alipay Wallet, TrueMoney can also generate added opportunities for shops and businesses to reach Thai consumers through acceptance of payment via TrueMoney Wallet.”

Shops and businesses interested in joining the Alipay and TrueMoney Wallet network can contact email: acquiringteam@ascendcorp.com for more information.

About TrueMoney

TrueMoney Co., Ltd. was established in 2003 by True Corporation and came under Ascend Group in 2015. For digital consumers, TrueMoney’s payment solutions include a mobile wallet (TrueMoney Wallet) available in Thailand and Indonesia, virtual and physical debit cards (WeCard, offered jointly with MasterCard) available in Thailand, prepaid cash cards (TrueMoney Cash Card, available through retail chains including 7-Eleven in Thailand, Alfamart in Indonesia, Bic Mac in the Philippines and in Cambodia), a bill payment and mobile topup solution (PayPoint) available in all 6 ASEAN countries that it has a presence in, game topup in Thailand and Cambodia and cash collection in Myanmar. For unbanked and underbanked consumers, TrueMoney works with its over 20,000 agent network across the region to enable cash in and cash out capabilities, as well as facilitate transactions, including domestic and cross-border remittances, bill payment and mobile topup. TrueMoney also provides financial solutions for corporations with its payment gateway for e-commerce retailers in Thailand and payroll services for Indonesia.
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