T2P, a payment solution provider, has become one of the first fintech companies in Thailand to integrate Wise's infrastructure solution, Wise Platform, into its DeepPocket app, offering users faster, cheaper, and more transparent cross-border transactions.
The integration of Wise's API into the DeepPocket app enables users to initiate international fund transfers directly within the application, eliminating the need for traditional intermediaries and reducing costs significantly. Notably, this collaboration ensures that DeepPocket users can access international transfers at the mid-market rate, without encountering exchange rate mark-ups or hidden fees, thereby improving transparency and cost-effectiveness.
At launch, the service supports transfers from Thai Baht (THB) to 16 currencies, including major ones like USD, GBP, EUR, AUD, SGD, MYR, and IDR, among others. Transactions are executed swiftly, with over 60% of transfers facilitated by Wise globally being completed instantaneously, enhancing the efficiency of cross-border transactions.
As both entities embark on this collaborative journey, leveraging their respective expertise and technological capabilities, they aim to redefine the landscape of international money transfers in Thailand, offering users convenience and cost savings.
Cross-border money transfers have long been fraught with challenges, particularly in Thailand, where users have grappled with a range of obstacles. High fees have been a primary concern for individuals and businesses alike, with traditional financial institutions often imposing hefty charges for international transactions. Moreover, the complex network of intermediaries involved in the process has contributed to prolonged processing times, causing frustration and inconvenience for those seeking swift fund transfers. These hurdles have not only deterred individuals from sending money across borders but have also hampered the growth of cross-border commerce and international business activities.
Another significant challenge in Thailand's cross-border money transfer landscape has been the lack of transparency surrounding exchange rates. Customers often find themselves at the mercy of opaque pricing structures, with hidden fees and mark-ups eating into their transferred funds. This opacity not only undermines trust in the financial system but also makes it difficult for users to accurately gauge the true cost of their transactions.
However, the market demand for improved international transfers in Thailand has surged in recent years, fueled by a confluence of factors reshaping the global economy. With the advent of globalisation, businesses and individuals in Thailand are increasingly engaging in cross-border activities, ranging from trade and investment to travel and education. This growing interconnectedness has underscored the need for efficient and reliable channels for transferring funds across borders, driving demand for services that offer greater speed, affordability, and transparency.
Moreover, the rapid pace of digitalisation has transformed the way people conduct financial transactions, prompting a shift towards online and mobile platforms for managing money. In Thailand, as elsewhere, consumers are turning to digital solutions for their banking and payment needs, seeking the convenience and accessibility afforded by technology.
Furthermore, the rise of cross-border commerce has further intensified the demand for improved international money transfer services in Thailand. Businesses engaged in importing, exporting, or operating in global markets require efficient mechanisms for managing cross-border payments, ensuring timely settlement of transactions and minimising costs. By offering solutions that address the specific needs of businesses engaged in cross-border trade, financial service providers can capitalise on this growing market demand and position themselves as indispensable partners in facilitating international commerce.
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