Boku is expanding its mobile payments network M1ST into Thailand via support for the country’s two most popular mobile wallets, TrueMoney and Rabbit LINE Pay.
The mobile wallet platforms are joining the M1ST Payments Network, which includes 330+ payment methods in 90 countries. M1ST reaches 5.7 billion payment accounts globally, including 30 million consumer accounts in Thailand.
The move enables global merchants to unlock access to millions of mobile-first consumers. According to J.P. Morgan, 82% of all online sales in Thailand were conducted from mobile devices, with mobile wallets being used in 23% of all transactions. Thailand is one of the fastest growing mobile payments markets in the world, with mobile wallet penetration projected to reach 63% by 2025 (Boku), compared to credit card penetration lower than 10% (Statista).
For global merchants, the opportunity in Thailand is significant, with cross-border transactions making up more than 50% of eCommerce spend. This latest addition to Boku’s M1ST Network further strengthens its commitment to ensure retailers around the world gain access to a new generation of mobile first-consumers in Thailand, Southeast Asia, and beyond.
Jon Prideaux, Chief Executive Officer, Boku, said: "For digital merchants, the world is flat; they can sell to consumers anytime, anywhere. Mobile-first markets like Thailand require global merchants to accept the payment methods consumers prefer. We’re thrilled to add TrueMoney and Rabbit LINE Pay, opening up access to millions of new mobile-first consumers in Thailand for our merchants.”
Koravut Pavitpok, Head of Commercial, TrueMoney, commented, “TrueMoney is the most widely used mobile wallet in Thailand today. Our integration into Boku’s M1ST Payments Network ensures that our 20 million users will be able to access digital services from global merchants, using their preferred way to pay.”
Victor Topoyossakul, Co-CEO, Rabbit LINE Pay, commented, “With an increasing demand for digital payment due to Covid-19 pandemic, our mission is to give our customers a seamless online to offline experience and to be able to access what they need in daily life.”