True Money eyes triple rate growthWritten by Yozzo
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.
Solid foundation and opportunity for mobile payment in Thailand
Thailand has a highly developed financial sector. Bank branches are widespread. Debit cards are experiencing rapid growth, and credit cards are beginning to penetrate the low-income market. Point-of-sale devices have increased dramatically and ATM’s are currently the primary means of conducting financial transactions.