LONDON, Nov. 18, 2021 (GLOBE NEWSWIRE) – Boku Inc., (AIM: BOKU), provider of M1ST, the world’s largest mobile payment network, today announced the expansion of M1ST in Thailand, with the addition of the two most popular mobile wallets, TrueMoney and Rabbit LINE Pay.
TrueMoney and Rabbit LINE Pay join the M1ST payment network, which includes more than 330 payment methods in 90 countries, reaching 5.7 billion payment accounts. Together, the M1ST payments network reaches over 30 million consumer accounts in Thailand alone.
This step enables global merchants to unlock access to millions of mobile consumers. According to JP Morgan, 82% of all online sales in Thailand were made from mobile devices, with mobile wallets used in 23% of all transactions. Thailand is one of the fastest growing mobile payment markets in the world, with mobile wallet penetration expected to reach 63% by 2025 (Boku), compared to credit card penetration of less than 10% (Statista).
For global traders, the opportunity in Thailand is significant, with cross-border transactions accounting for over 50% of e-commerce spending (JP Morgan). This latest addition to Boku’s M1ST network further strengthens its commitment to ensuring retailers around the world have access to a new generation of early mobile consumers in Thailand, Southeast Asia and beyond.
Jon Prideaux, Managing Director, Boku, commented: “For digital merchants, the world is flat; they can sell to consumers anytime, anywhere. Mobile-centric markets like Thailand require global merchants to accept payment methods that consumers prefer. We’re excited to add TrueMoney and Rabbit LINE Pay, opening up access to millions of new mobile consumers in Thailand for our merchants. “
Koravut Pavitpok, Sales manager, TrueMoney, commented: “TrueMoney is the most used mobile wallet in Thailand today. Our integration into Boku’s M1ST payment network ensures that our 20 million users will be able to access digital services from global merchants, using their preferred payment method.
Victor Topoyossakul, co-CEO, Rabbit LINE Pay, commented: “With an increasing demand for digital payment due to the Covid-19 pandemic, our mission is to provide our customers with a seamless online and offline experience and to be able to access what they need in the everyday life. Therefore, it is always important to connect Rabbit LINE Pay users to more online services that they like. We are delighted to add Rabbit LINE Pay to Boku’s M1ST payment network, joining LINE Pay in Japan ”.
Jon Prideaux, Managing Director and Keith Butcher, Financial Director
+44 (0) 20 3934 6630
IFC Advisory Limited (Financial PR and IR)
Tim Metcalfe / Graham Herring / Florence Chandler
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Boku Inc. (AIM: BOKU) is the fintech that powers the world’s largest mobile payment network, M1ST (Mobile First). The M1ST payment 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 discerning merchants attract, convert and retain customers through mobile payments. By transforming the payment infrastructure into a source of sustainable competitive advantage, Boku securely activates a range of new business models for merchants – from bundling to subscriptions.
Boku’s platform is used in 90 countries with over 1 billion verified transactions in 2020, contributing over $ 8 billion to the digital economy. Customers who trust Boku to simplify registration, 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, in Spain, Taiwan, Vietnam and the United States.
To learn more about Boku Inc., please visit: https://www.boku.com
TrueMoney is one of the leading financial technology companies in Southeast Asia providing financial services to users including unbanked people in 6 countries in Thailand, Cambodia, Myanmar, Vietnam, Philippines and Indonesia.
Founded in 2013, TrueMoney became part of Ascend Group in 2014 and has also been a partner of Ant Financial Services Group since 2016. Today the company provides various financial services through TrueMoney Wallet, the most popular electronic wallet application that offers convenience and ease. of payments to serve all lifestyles. Its extensive agent network and offline payment service across Southeast Asia also provide millions of users in the region with 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 approximately 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 platform common ticket office in BTS and AIS – the number one mobile operator in Thailand.
Rabbit LINE Pay’s strategic direction is to bring the user a convenient day-to-day living solution from food, shopping, transportation, and bill payments. User can use Rabbit LINE Pay at affiliate merchants, popular online stores, BTS, e-commerce platforms, and physical stores.