In our 2nd open house of this year
Features Unlocked, we're proud to introduce 2 new payment methods that have a huge potential of attracting revenue from new tech-savvy audiences. Throughout the past couple of months, our engineering team has had their hands full implementing new payment solutions to better benefit both our merchants and consumers. And finally, through Omise's cutting-edge technology in partnership with Citibank Thailand, Pay with Points (currently in Beta) has opened new doors for Citi credit cardholders to purchase goods and services with their loyalty reward points. On behalf of Omise, we would also like to take this opportunity to thank Warote Nguitragool, the Vice President and Head of Customer Experience and Loyalty Rewards of Credit Card at Citibank Thailand who shared his knowledge as one of our keynote speakers throughout the event. Here are some of his insights;
- Citibank cardholders are reluctant to keep ahold of their points and are willing to redeem for purchases as they feel that spending points instead of cash is 'free'
- Citibank cardholders possess the most loyalty points and have a higher active spending rate when compared with other credit card brands
- Accepting Pay with Points will enhance businesses to sell more and encourage consumers to spend more
- Citibank encourages point redemption through targeted marketing SMS with a proven success rate of 20% click-through rate
- Omise x Citibank = Quality merchants x Quality customers
For those who are interested in offering Pay with Points to over 1 million quality cardholders, please stay tuned for our public release coming soon.
Secondly, on this year's open-house agenda, we are finally glad to announce that TrueMoney Wallet is HERE and LIVE. What does this mean? It means that Omise merchants can start accepting payments from Thailand's number 1 e-wallet platform, TrueMoney Wallet. Nirun Fuwattananukul, Deputy Director and Head of Commercial at TrueMoney Thailand, also took the time to share his insights on the importance and prospective growth of e-wallets in Thailand. Here are some of the key points that Nirun mentioned;
- TrueMoney launched the e-wallet with a vision to make payments easier whilst fulfilling a cashless society
- TrueMoney Wallet is the payment solution for the young and tech-savvy generation of consumers; university students, first jobbers, and non-credit cardholders
- Majority of TrueMoney Wallet users spend on digital content, namely, e-commerce, online payments, and in-app purchases
- TrueMoney Wallet's penetration rate is high all over Thailand and not just in Bangkok; and is now available to process payments at all 7-11s nationwide
- The ultimate goal of an e-wallet; is to fully replace all contents of a physical wallet to be within a single application
Lastly, Rarin Thongma, founder of Thai fashion brand O&B attended the event to tell O&B's e-commerce success story. These are some of her interesting pointers;
- Although many people consider diamonds to be a woman's best friend, shoes are considered as the 'other best friend' for women (men, take notes)
- Retails customers make quicker purchases and are more decisive. Online customers are more cautious with their spending but are the bigger target group
- A customer's decision to purchase depends on the efficiency of the shopping journey and the flexibility to choose their preferred payment option
- Omise's installment feature helps us bridge our products with customers. Providing an installment option encourages customers to spend more at your store with less worry on the full price-tag
- As a merchant, you should focus on how to drive a customer's purchasing decision and how to trigger their impulse buying behavior
- People are always expecting 'the next big thing' and businesses should always be prepared to better respond to upcoming consumer trends
Omise truly believes in the power of payments. Collectively through our partnership with Citibank Thailand and TrueMoney, we are one step closer to our mission to provide 'Payment for everyone'. The 2 new features introduced in this event will contribute significantly to our merchant's business growth, particularly within the Thai market. Omise would like to encourage merchants to stay connected and keep up with consumer behavior and payment trends in all industries. Staying updated on new industry updates can help businesses further enhance their growth whilst providing the best payment experience for their consumers. We're glad to be a part of developing Thailand's payment solutions as well as contributing to building a cashless society.