Thais can now use TrueMoney wallets in China, US next
Thai tourists can now use TrueMoney wallets when travelling to China as part of Ascend Money's partnership with Ant Group to provide cross-border mobile payment services, Monsinee Nakapanant, co-president of Ascend Money, TrueMoney’s operator, said on Thursday.
It is another step towards expanding the number of countries that can use the wallet after it partnered with Alipay+, an online payment service from Ant Group.
She pointed out that the company's collaboration with Ant Group is a significant milestone in its efforts to streamline cross-border payment, making it as simple for users internationally as it is domestically.
This means Thai travellers can now use TrueMoney to pay at over tens of millions of merchants in China, ensuring secure and smooth cashless payments with transparent and competitive exchange rates, Monsinee explained.
She added that promotional deals are available through Alipay+ Rewards, a digital cross-border marketing hub integrated on the TrueMoney app.
Monsinee noted that previously, Thai travellers to China faced difficulties due to a lack of cashless payment options because few credit and debit cards were accepted.
"As a result, many of them are dependent on cash and money exchange. However, they can now enjoy secure and smooth cashless payment as well as real-time foreign exchange at competitive rates by simply opening the TrueMoney app, going to payment by QR, clicking Alipay+ tab, and selecting country of destination," she explained.
The TrueMoney wallet balance, she said, will be automatically converted to yuan, China’s currency, and will be ready for payment scanning at any merchant with an Alipay sign.
Douglas Feagin, senior vice president of Ant Group and head of Alipay+ Cross-Border Mobile Payment Services said TrueMoney was one of seven new leading e-wallets and payment apps from Asia added to the "Alipay+-in-China" programme titled A+China.
He described the programme as a major initiative of Ant Group to assist China in internationalising mobile payment services.
"Enabling TrueMoney as a payment option in the Chinese mainland is yet another milestone in our journey together, and I'm confident there will be many more to come," he said.
TrueMoney users can now use Alipay+ to transact with many global online merchants as well as retail stores in over 50 countries that are popular travel destinations for Thais.
TrueMoney will also be available for use in the United States, Malaysia, and Hong Kong early next year.
TrueMoney's head of Commercial, Koravut Pavitpok, said that adding China to its country outreach doubles the company's efforts to ensure TrueMoney is available to Thais wherever they are.
"We are looking forward to expanding our global partnership with Alipay+ and securing more overseas affiliates to enable payment in a broader range of places globally," he said, adding that the exchange rates will change daily every morning to ensure the best rate possible.
Meanwhile, he was confident that enabling TrueMoney in China would help TrueMoney maintain its dominant position in the Thai market. It is because China is one of the top five most popular tourist destinations among Thais.
He believes that the number of Thai tourists and business travellers to China will gradually increase, particularly during the 19th Asian Games in Hangzhou in September and throughout the holiday seasons.
Recently, TrueMoney announced that it will be the official sponsor of Thai athletes and paralympic athletes at the Asian Games in Hangzhou. The company provided them with wallet balances so that they could scan to pay in China easily with TrueMoney.
Cherry Huang, general manager of the Alipay+ Offline Merchant service, emphasised that Alipay+ is a payment service that connects other local e-wallets around the world to the Alipay ecosystem.
She promised that Alipay+ will continue to collaborate with TrueMoney to explore additional e-payment solutions for Thais as well as Alipay users in Thailand.
TrueMoney is a leading fintech company in Southeast Asia, providing financial services to users, including the unbanked, in seven countries: Thailand, Cambodia, Myanmar, Vietnam, the Philippines, Indonesia, and Malaysia.
TrueMoney, founded in 2013, joined Ascend Group in 2014 and has been a partner of Ant Group since 2016. Today, TrueMoney offers a variety of financial services.