Digital wallets or e-wallets have changed the way we make payments. They are the advanced equal to a physical wallet and have ascended to the forefront of payments by offering more convenience and security. The ultimate goal of an e-wallet is simple; to make cashless payments easier and to fully replace all contents of a physical wallet to be within a single application.
By simply downloading an app on your mobile device, an e-wallet user can make instant purchases securely without handling any physical cash. All expenses made through an e-wallet is automatically recorded for the user, making it easier for people to manage their budget. It’s estimated that over a third of all online shopping transactions worldwide were made through an e-wallet.
In 2018, over 50% of the Asia Pacific region used some form of e-wallet when making payments on e-commerce platforms and is expected to rise to 62% by 2022.
While the global trend of a cashless society is on the rise, e-wallets have already become the leading payment method in China. Through payment platforms such as WeChat Pay and Alipay, Chinese consumers are heavily reliant on cashless payment options for both e-commerce and point of sales transactions.
Growing trend in Thailand
Thailand however, has been a cash-based country for decades but the rapid development of the fintech industry in combination with mobile technology has started shifting the payments landscape. The accessibility of smartphones has generated a growing demand for digital payment options. In 2018, it was recorded that 71% of all internet users in Thailand have made an online purchase through their mobile device, with 1 in 5 customers using e-wallets as a preferred payment option on e-commerce platforms. E-wallets has now overtaken card transactions to become the 4th most popular payment method for Thais after internet banking, cash, and over-the-counter payments.
Open up to Thailand's no.1 e-wallet
With that said, Thailand's number 1 e-wallet, TrueMoney Wallet, has recorded over 8.4 million monthly users and was ranked 10th in the most downloaded apps in Thailand in 2018. Through the TrueMoney Wallet app, users can now make payments on e-commerce platforms, local convenient stores, pay utility and credit card bills, all the way to their insurance premiums. Currently, TrueMoney wallet can be used to make payments at all 7-11s nationwide.
Recently in our Open House; Features Unlocked, Nirun Fuwattananukul, Deputy Director and Head of Commercial at TrueMoney Thailand shared his insights on the main audience of TrueMoney Wallet and the top things that users spend on. He mentioned that
TrueMoney Wallet is the payment solution for the young and tech-savvy generation of consumers such as; university students, first jobbers, and non-credit cardholders. The majority spending of TrueMoney Wallet users goes towards digital content, namely, e-commerce, online entertainment, and in-app purchases. The Deputy Director also concluded that penetration for TrueMoney Wallet spending is high all over Thailand and not just in Bangkok.
Omise recognizes the potential opportunity for revenue through e-wallet payments and would like to invite merchants to start accepting through our latest e-wallet channel, TrueMoney Wallet.
- WorldPay Global Payments Report 2018
- The 2019 Digital report by Hootsuite and WeAreSocial
- Payment & Consumer Trends by ECOMMPAY