TrueMoney has increased its popularity in the world of financial applications in Thailand among mobile carriers. Its offerings in the country include payments (its services in this regard feature options such as TrueMoney Mastercard, TrueMoney Cash Card, Kiosk, Payment Gateway, and Remittances), savings, and investment services.
The epayment and financial services provider’s joint venture with Paymentology is expected to enable the two companies to leverage the card issuing platform and analytics capabilities made available by Paymentology to further bolster the financial services in Thailand, as well as Cambodia.
As a next-gen global issuer-processor, Paymentology provides banks, telcos, and fintechs the needed technology and expertise to issue and process cards globally, be they virtual or physical. The company uses a multi-cloud platform, and its professionals can offer their on-the-ground expertise in 60 countries across 14 time zones, thus providing 24/7 support.
This new venture follows a series of additional strategic decisions made by TrueMoney. Earlier in 2023, the company announced the launch of a co-branded virtual prepaid called TrueMoney Mastercard, which was offered in collaboration with Cambodia’s Sathapana Bank via BIN (Banking Identification Number).
When it comes to the larger context, it should be noted that news of this partnership comes at a time when efforts towards the adoption of cashless payments in the Southeast Asia area are on the rise.
According to Mastercard’s New Payments Index 2022, which is also cited in the official statement, over 94% of Thai consumers used digital payments when paying for services, with the most popular digital product being digital wallets. Following this partnership with TrueMoney, Paymentology will purportedly assist the epayment and financial services provider in launching Google Pay with MDES Tokenization.
What is more, thanks to this joint venture, Google Wallet users will have the possibility of adding their TrueMoney Mastercard and using it to purchase goods and services via Google Pay. This is expected to enable Thai consumers to make convenient payments cross-border.
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