Truemoney partners with Mastercard and Google for contactless payment expansion

TrueMoney, a prominent e-payment and financial service provider, has collaborated with Mastercard and Google to facilitate the integration of TrueMoney Mastercard virtual prepaid cards, formerly referred to as WeCard, into Google Wallet.

This development enables Google Wallet users to utilise TrueMoney Mastercard for contactless payment through the Google Pay platform.

Apinand Dabpetch, head of TrueMoney’s growth and wallet platform, explained that the collaboration simplifies contactless payments for Google Wallet and TrueMoney users at both physical stores and online merchants around the world.

The TrueMoney Mastercard is a virtual prepaid card integrated into the TrueMoney app, permitting holders to make payments at establishments accepting credit and debit cards. This provides individuals without a physical credit card the option to purchase items from online merchants, while also giving users the ability to activate or deactivate the card as they desire.

Over 150 million people in 40 countries use the Google Pay app.

Natsicha Voraprukpisut, vice president of business development at Mastercard, stated that global consumers are increasingly demanding more adaptability and choice in payment methods.

According to the Mastercard New Payments Index 2022, Thai consumers demonstrate a higher enthusiasm for digital payment methods than the regional average. Mastercard’s partnership with TrueMoney and Google represents a continuation of their efforts to introduce more payment alternatives to Thailand, tailored to suit people’s contemporary lifestyles and transactions in a predominantly digital world, explained Voraprukpisut.

Aditip Panupong, industry head of strategic partnerships for Google Asia-Pacific, announced that TrueMoney Mastercard holders can now incorporate payment cards into Google Wallet and utilise the tap-to-pay feature in-store or online at checkout points or within apps.

Panupong expressed eagerness to collaborate with additional partners to establish Google Wallet as the primary app for Thai users in accessing everyday essentials, encompassing payment cards and digital items such as loyalty cards and boarding passes.

Paymentology, a key partner behind TrueMoney’s issuing and processing of virtual cards, plays a crucial role in this collaboration. By harnessing its cloud-native platform, Paymentology enables synchronisation between TrueMoney, MasterCard, and Google Wallet, resulting in real-time processing that delivers a smooth and adaptable user experience for consumers.

The alliance among these four firms has benefitted from Thailand’s growing cashless transaction trend. The Mastercard index revealed that 94% of Thai consumers utilise digital payment methods across numerous formats, exceeding the Asia-Pacific average of 88%. Digital wallets are the most popular payment method, succeeded by bank transfers and QR codes, reports Bangkok Post.