CENTRAL JD Fintech is launching Dolfin Wallet, an e-wallet to support and drive the shift to a cashless society in the country.
The wallet, the product of a collaboration between Bangkok Bank and Kasikornbank and the support of Central Group retailers, targets 5 million users by the end of this year.
Rungruang Sukkirdkijpiboon, chief executive officer of Central JD Fintech Holding, predicts the e-wallet service will lift up everyday living standards for Thais, through its accessible financial innovations that satisfy the varying demands of each consumer.
The e-wallet integrates artificial intelligence and big data analytics – both of which are part of Central JD Money’s technological expertise, Rungruang said. These innovations will enable businesses to develop and present promotional offers that perfectly fit each user’s lifestyle, offering maximum value as well as a bevy of privileges on The 1 Loyalty Platform.
Dolfin Wallet will be established as an e-wallet that offers convenience and security to users – with full support for purchases and transactions at Central Group department stores and accommodations across the country, as well as many other retail partners in the network.
“Dolfin Wallet is the first e-wallet application to support payment and money transfers through all channels – including connection to bank accounts, debit cards and credit cards, cash top-up at all CenPay counters nationwide, and full-scale PromptPay support,” said Rungruang.
“Through a user authentication system connected to Bangkok Bank’s and Kasikornbank’s respective applications, Dolfin Wallet supports payment for products and services at all PromptPay locations nationwide regardless of partner bank.”
He said the firm expects to officially announce access to its new services in the next three months. In the first phase, the featured services will include financial services such as e-money and e-payment, operation and entertainment, which will allow business partners to promote their campaigns and promotions via its application.
The Dolfin Wallet is also the first e-wallet application to introduce the E-KYC (electronic know-your-customer) system for user identity verification, allowing for a much friendlier user experience in the sign-up process. Advanced technologies – including Face Recognition and Optical Character Recognition (OCR) – are integrated into the process, enabling a new user to confirm their identity with a selfie and a photo of their identification card with no need for hard copies of any document beyond the app. The firm is now awaiting regulatory approval for e-money, e-wallet, E-KYC and e-wallet licences from the Bank of Thailand.
He added that the firm has a registered capital of Bt1.6 billion. Central JD Money plans to launch a face-payment service to achieve maximum convenience and security in payment authentication in the near future. The firm also has plans to expand to overseas customers, such as to China in terms of cross-border services as the next step.
“I think that Dolfin Wallet is part of the e-wallet [shift] that [will] drive [a] cashless society in the country. The firm expects to reach 3-5 million customers, focusing on existing bank customers, The 1 Card customers, student and first jobbers by the end of this year and jump to around 10 million customers in the next four years,” said Rungruang.
Charamporn Jotikasthira, member of the board of executive directors of Bangkok Bank, said that as the banking partner, Bangkok Bank would facilitate many types of transactions through Dolfin Wallet – including wallet top-up, user verification and the integration of PromptPay to enhance convenience for the financial lifestyles of Thais. Bangkok Bank has brought its banking experience and expertise in technology to connect PromptPay to Dolfin Wallet, giving the app more extensive usage opportunities as users could simply scan QR codes to make payments at 3 million supported retail locations in Bangkok and nationwide.
“I think that the Dolfin Wallet will be a part of creating trust between traders or businesses and customers so that customers will have more confidence in payment via online transaction, which will drive and support a cashless society in Thailand in the next step, said Wirawat Panthawangkun, senior executive vice president of Kasikornbank.