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E-wallet key service as True Money eyes 15% growth

TRUE MONEY aims to grow its revenue by 15 per cent, from Bt1.87 billion in 2013 to Bt2.15 billion this year, via its four key services of top-up, bill payment, e-wallet and payment gateway. The company's flagship service this year is e-wallet, which is expected to expand by 25 per cent. True Money managing director Punnamas Vichitkulwongsa said Thailand was moving towards being a cashless society, where people spend money electronically for their daily payments.

E-wallet will be the key payment method in such an environment, with a potential market of some 40 million users possibly opting not to use a credit card and instead using electronic money for daily online payments, he said.

"We want to be the country's most preferred e-money service provider," he said.

This year, True Money's revenue is expected to increase 15 per cent, with the key contributions coming from the four existing services. E-wallet service and bill payment are forecast to grow significantly, by 25 per cent and 22 per cent, respectively, he added. "E-wallet use is the trend. It is more convenient, more secure and has a cheaper fee. E-wallet can be identified by the mobile-phone number in each transaction. If you refill more than Bt2,000 to your e-wallet, there is no fee. Currently, average e-wallet spending is Bt170 per transaction," said Punnamas.

This year, the MD said, would see more online spending, with e-wallet being one of the top payment methods.

There are currently three e-wallet service providers in the Kingdom: True Money, Advanced Info Service's (AIS) mPay, and Total Access Communication's (DTAC) PaysBuy.

True Money has some 6 million users registered for its e-wallet service, with around 100,000 of them actively using e-wallet either via the mobile (60,000 users) or Web-based (40,000) channels, said Punnamas.

The company aims to increase the number of active e-wallet users to 400,000 this year.

Meanwhile, the company's payment gateway is also another growth business area, because of the high growth of the e-commerce market in Thailand this year.

"We will increase the number of e-commerce sites that receive our payment-gateway service from just Weloveshopping.com and itruemart.com at present," he said.

He added that this year True Money would invest Bt50 million in its back-end systems to support its e-wallet and payment-gateway services.

The top-up, bill payment, e-wallet and payment-gateway services currently contribute 55 per cent, 28 per cent,14 per cent and 3 per cent to the company's revenue, respectively.

The top-up service is also growing, with 75 per cent of business in this segment being mobile prepaid top-ups, followed by 15 per cent for online-game top-ups.

"In the online-game top-up market, we will [continue to] outpace market growth. We expand by 20 per cent, while the market grows by 15 per cent. In this market segment, we will take more share from our rivals.

"In the mobile prepaid top-up segment, we will grow by 7 to 8 per cent, in line with the market," said the managing director.


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