TrueMoney, true borders: Fintech giants unite for cross-border payments
Ant Group and TrueMoney, a dominant fintech company in Southeast Asia, have forged a collaboration to facilitate mobile payments across borders between China and Thailand, a move that will see Thai tourists making cross-border payments to millions of merchants in China via the TrueMoney e-wallet.
The cross-border payments are facilitated by Alipay+, a cross-border mobile payment ecosystem under Ant Group, China’s financial technology behemoth. Alipay+ boasts over 10 million payment points in China and provides solutions for marketing and digitalisation.
The partnership with Ant Group is a significant stride in TrueMoney’s efforts to simplify cross-border payments, making them as seamless internationally as they are domestically, according to Monsinee Nakapanant, Ascend Money Co’s co-president and operator of TrueMoney.
With China being a popular destination for Thai business and leisure travellers, the company is aiming to mitigate the challenges posed by traditional payment methods, particularly in the aftermath of the Hangzhou Asian Games. This will enable Thai travellers to benefit from cashless experiences during their travels to China, Monsinee explained.
TrueMoney currently boasts 28 million users in Thailand and thanks to the partnership with Ant Group and Alipay+, it is now accepted by millions of merchants in China, Monsinee added.
Ant Group’s “Alipay+-in-China” programme (A+China programme), a major initiative aimed at internationalising mobile payment services in China, recently added seven leading e-wallets and payment apps from Asia. This includes TrueMoney Thailand, bringing the total number of overseas e-wallets accepted on the mainland to ten.
TrueMoney transactions
Douglas Feagin, Alipay+ Cross-Border Mobile Payment Services head and Ant Group senior vice-president stated that TrueMoney users can already transact with numerous global online merchants and retail stores in popular travel destinations such as Singapore, Japan, South Korea, the United Kingdom, Italy, and France, thanks to Alipay+.
Feagin emphasised that Thai tourists previously faced challenges in China due to limited cashless payment options, as few credit and debit cards were accepted. They often had to rely on cash and money exchange services. However, they can now experience secure and smooth cashless payments and real-time foreign exchange services at competitive rates simply by using the TrueMoney app.
Ant Group’s partnership with TrueMoney began in 2016 through Ascend Group, TrueMoney’s parent company. The Alipay+ system has now brought ten Asian e-wallets to the Chinese mainland in the fall of this year, partnering with more than 20 local mobile payment partners, which collectively hold over 1.4 billion global payment accounts, including tens of millions of global merchants, reported Bangkok Post.
Koravut Pavitpok, TrueMoney’s head of commercial, said that since the end of last year, TrueMoney expanded its cross-border payment services to the most preferred destinations for Thais within Asia, such as Japan, South Korea, Singapore, and Malaysia. The addition of China to their reach further demonstrates TrueMoney’s commitment to serving Thais wherever they may be.
China was among the top five destinations for Thai expatriates and tourists before the pandemic. With the country lifting its travel restrictions and resuming visa applications for Thai tourists in March, the number of Thai tourists and business travellers to China is anticipated to gradually rise, especially with the 19th Asian Games starting tomorrow in Hangzhou, and continuing through the holiday season.
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