Monday, 24 June 2013 22:46

True Money eyes triple rate growth

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True Money eyes triple rate growth True Money eyes triple rate growth
True Money, the Thai online payment service of True Corporation, expects its revenue growth rate will triple this year on the back of smartphones sales coupled with the launch of 3G service in the country.

True Money's Managing Director, Punnamas Vichitkulwongsa said shipments of smartphones are expected to reach 20 million units in 2013, double last year's figure.

"We expect the revenue will grow by 15% to 1.9 billion THB this year compared with 5% last year," True Money's Managing Director, Punnamas Vichitkulwongsa.

Thailand's online payment service market was valued at 9.2 billion THB in 2012 with:

  • 5 billion THB from mobile and digital content.
  • 3.5 billion THB from bill payments.
  • 700 million THB from online shopping.

True Money say they will spend 100 million THB on research and development this year. Most of that amount will be used to develop mobile apps for its money wallet service.The service, called "smart-wallet", allows users to conduct financial transactions over mobile devices.

To use it customers are required to download the iOS or Android app before signing up for an e-wallet account at True Money.


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