LONDON, Nov. 18, 2021 (GLOBE NEWSWIRE) — Boku Inc., (AIM: BOKU), provider of M1ST, the world’s largest mobile payments network has today announced the expansion of M1ST into Thailand, with the addition of Thailand’s two most popular mobile wallets, TrueMoney and Rabbit LINE Pay.
TrueMoney and Rabbit LINE Pay join the M1ST Payments Network, which includes 330+ payment methods in 90 countries, reaching 5.7 billion payment accounts. Combined, the M1ST Payments Network reaches over 30 million consumer accounts in Thailand alone.
This milestone enables global merchants to unlock access to millions of mobile-first consumers. According to J.P. Morgan, 82% of all online sales in Thailand were conducted from mobile devices, with mobile wallets being used in 23% of all transactions. Thailand is one of the fastest growing mobile payments markets in the world, with mobile wallet penetration projected to reach 63% by 2025 (Boku), compared to credit card penetration lower than 10% (Statista).
For global merchants, the opportunity in Thailand is significant, with cross-border transactions making up more than 50% of eCommerce spend (J.P. Morgan). This latest addition to Boku’s M1ST Network further strengthens its commitment to ensure retailers around the world gain access to a new generation of mobile first-consumers in Thailand, Southeast Asia, and beyond.
Jon Prideaux, Chief Executive Officer, Boku, commented, “For digital merchants, the world is flat; they can sell to consumers anytime, anywhere. Mobile-first markets like Thailand require global merchants to accept the payment methods consumers prefer. We’re thrilled to add TrueMoney and Rabbit LINE Pay, opening up access to millions of new mobile-first consumers in Thailand for our merchants.”
Koravut Pavitpok, Head of Commercial, TrueMoney, commented, “TrueMoney is the most widely used mobile wallet in Thailand today. Our integration into Boku’s M1ST Payments Network ensures that our 20 million users will be able to access digital services from global merchants, using their preferred way to pay.”
Victor Topoyossakul, Co-CEO, Rabbit LINE Pay, commented, “With an increasing demand for digital payment due to Covid-19 pandemic, our mission is to give our customers a seamless online to offline experience and to be able to access what they need in daily life. Therefore, connecting Rabbit LINE Pay users to more of the online services they love is always important. We are pleased to add Rabbit LINE Pay to Boku’s M1ST Payments Network, joining LINE Pay in Japan”.
Jon Prideaux, Chief Executive Officer and Keith Butcher, Chief Financial Officer
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IFC Advisory Limited (Financial PR & IR)
Tim Metcalfe / Graham Herring / Florence Chandler
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Boku Inc. (AIM: BOKU) is the fintech powering the world’s largest mobile payments network, M1ST (Mobile First). The M1ST Payments Network reaches 5.7 billion consumer payment accounts in 90 countries across more than 330 payment methods.
Boku’s technology platform helps the world’s most demanding merchants attract, convert, and retain customers using mobile payments. By turning payments infrastructure into a source of sustainable competitive advantage, Boku safely activates a range of new merchant business models – from bundling to subscriptions.
Boku’s platform is used in 90 countries with more than a billion verified transactions in 2020, contributing more than $8 billion to the digital economy. Customers that trust Boku to simplify sign-up, acquire new paying users and prevent fraud include global leaders such as Apple, DAZN, Facebook, Google, Microsoft, Netflix, PayPal, Sony, Spotify and Tencent.
Boku Inc. was incorporated in 2008 and is headquartered in London, UK, with offices in Brazil, China, Estonia, France, Germany, India, Indonesia, Japan, Singapore, Spain, Taiwan, Vietnam, and the US.
To learn more about Boku Inc., please visit: https://www.boku.com
TrueMoney is a Southeast Asia’s leading fintech company providing financial services for users including the unbanked across 6 countries in Thailand, Cambodia, Myanmar, Vietnam, Philippines, and Indonesia.
Established in 2013, TrueMoney has become a part of Ascend Group in 2014 and also a partner of Ant Financial Services Group since 2016. Today, the company provides various financial services through TrueMoney Wallet, the most popular e-wallet application that enables convenience and ease of payments to serve every lifestyle. Its extensive agent network and offline payment service across Southeast Asia also enable millions of users in the region to access to innovative financial services, leading them to better lives.
About Rabbit LINE Pay
Rabbit LINE Pay is one of Thailand’s leading digital payment platforms, serving an estimated 8.5 million registered users. The company was established in 2011. It is backed by LINE, one of the most popular messaging apps in Thailand with over 50 million users, Rabbit-the first e-money service in Thailand with a common ticketing platform in BTS and AIS-the number one mobile operator in Thailand.
Rabbit LINE Pay strategic direction is to bring user day to day convenience life solution from food, shopping, transportation, and bill payments. User can use Rabbit LINE Pay at affiliated merchants, popular online shops, BTS, e-commerce platforms, and physical stores.