Worldpay Tacks On Thai Market to Bolster International Presence
Worldpay, a global leader in payment services, has announced its expansion into Thailand, introducing key alternative payment methods (APMs) to cater to local consumer preferences. This move is core to Worldpay's strategy for enabling global merchants to serve local consumers with their preferred payment types [1][2][3].
Thai merchants will now have access to four leading APMs: LINE Pay, TrueMoney, PromptPay, and online banking. LINE Pay, integrated with the popular LINE messaging app, is a widely used digital wallet in Thailand. TrueMoney, another major e-wallet platform, offers convenient cashless payment solutions. PromptPay, an account-to-account (A2A) payment system, enables fast transfers using mobile numbers or citizen IDs. Online banking allows consumers to pay securely from their bank accounts [1][2][3].
These alternatives complement Worldpay's card acquiring services and are supported with local currency settlement for Thai merchants. Additionally, Worldpay provides value-added features such as multi-layered fraud protection, dispute management, and consultative expertise backed by the company's global data insights. These features aim to help merchants optimize their payment acceptance and security in the evolving Thai market [1][2][3].
The expansion in Thailand reflects the significant shift in the country's payments landscape, with a rapid evolution from cash use to digital wallets and A2A payments. This shift aligns with consumer preferences and supports merchants in capturing growth opportunities in the fast-growing Thai e-commerce market, which is expected to grow at 9% annually through 2030 according to the latest Worldpay Global Payments Report [1][2][3].
Gabriel de Montessus, President of Global Enterprise at Worldpay, stated, "It's increasingly important for merchants operating in Thailand to deliver the right shopper experience with the fastest and most secure payments possible." He added, "Our expansion in Thailand is part of our ongoing commitment to help merchants accelerate commerce through improved authorization rates, robust fraud protection, and efficient settlements" [1].
Worldpay supports domestic acquiring capabilities in nine markets in the Asia Pacific region, including Australia, New Zealand, Singapore, Hong Kong, Japan, Malaysia, India, South Korea, and now Thailand. This expansion in Thailand is part of Worldpay's continuous efforts to expand its domestic acquiring capabilities worldwide, as evidenced by its recent announcements of expansions in Colombia, Mexico, and the United Arab Emirates [3].
Sources: [1] Worldpay. (2023). Worldpay Expands Presence in Thailand. Retrieved from https://www.worldpay.com/global/news/worldpay-expands-presence-in-thailand [2] Worldpay. (2023). Worldpay Global Payments Report 2023. Retrieved from https://www.worldpay.com/global/insights/worldpay-global-payments-report-2023 [3] Worldpay. (2023). Worldpay Announces Expansion in Colombia, Mexico, and the United Arab Emirates. Retrieved from https://www.worldpay.com/global/news/worldpay-announces-expansion-in-colombia-mexico-and-the-united-arab-emirates
Financing these expansions, Worldpay leverages advanced technology to introduce key alternatives such as LINE Pay, TrueMoney, PromptPay, and online banking in Thailand, enhancing secure payment methods for local merchants. With rapid growth predicted in the Thai e-commerce market [1][2][3], Worldpay's strategic implementation of technology in finance enables both local consumers and merchants to thrive in the evolving digital economy.
As technology shapes the future of finance globally, Worldpay's expansion into countries like Thailand and its ongoing commitment to domestic acquiring capabilities in the Asia Pacific region demonstrate the company's dedication to leveraging technology to cater to local preferences and seize growth opportunities in the digital era [1][2][3].
