Rapyd, a global Fintech as a Service company, announced the launch of its ‘all-in-one’ suite of payment capabilities in its seventh global market - Thailand.
The integrated solution is a comprehensive set of local and international payment methods that includes local ewallets, bank transfers, cash, credit and debit cards. International companies can now offer localised checkout experiences with access to an extensive list of local payment methods preferred by Thai consumers.
Partnering with leading Thai payment solution providers, including Rabbit LINE Pay, Omise, Razer Merchant Services, and GB Prime Pay, Rapyd now provides local payment options like international and local cards (Visa, Mastercard), bank transfers (Kasikorn, Krungsri, Siam Commercial Bank, Krung Thai Bank, and Bangkok Bank), real-time payments via PromptPay, eWallets (Rabbit LINE Pay, TrueMoney), and cash over-the-counter (Tesco Lotus, Big C).
According to JPMorgan, Thailand is the second largest eCommerce market in Southeast Asia with cross-border spending making up 50% of Thailand’s e-commerce spend. Thailand’s mobile commerce is valued at $8.9 billion in-app and $4.7 billion in-browser mobile purchases.
As reported in the Rapyd Asia Pacific eCommerce and Payments Guide 2020 that analysed both preference and usage of the local payment methods across top markets in Asia Pacific, 45% of Thai consumers prefer paying with local bank transfers, making it the most popular payment method in Thailand. Respondents’ preference is also aligned with the reported usage:
- Kasikorn bank was used by 44% of respondents, and
- PromptPay (Thailand's local real-time payment network) by 37%%.
Of the 17% of Thai respondents that preferred to pay with e-wallets, TrueMoney was used by 66% of respondents, and Rabbit LINE Pay by 18%.
Regional and global merchants will be able to access Rapyd’s capabilities in Thailand via:
- Rapyd’s Hosted Checkout Page or Checkout “Toolkit” to launch quickly while still offering a secure and customised experience, or
- Direct access to Rapyd’s API and SDKs that allow users to build any payment or fintech application, and
- Access to Rapyd Protect, its cross-border fraud management system that allows merchants to develop custom rules and use Rapyd’s machine learning tools to minimise fraud exposure across any payment method at no additional charge.
Businesses based in Thailand will also be able to access Rapyd’s Global Payments Network and expand internationally into 100+ markets around the world by accepting payments from consumers in any of the 900 local payment methods supported by Rapyd.
"Our vision has always been focused on removing friction from electronic payments across industries. That’s why we are excited to collaborate with Rapyd on making Thai payments more compatible and accessible to global merchants and ecommerce players. Together, we are able to create better opportunities for small, medium and large businesses operating in the Digital Economy,” said Sarsira Aphirachhamemaphas, CEO of GB Prime Pay.
"The partnership between Rapyd and Omise in Thailand is a perfect example of a win-win relationship in the industry. International merchants can increase their turnover by offering local payment methods and widening payment acceptance, while Rapyd and Omise are building stronger foundations and operational excellence to serve those merchants," commented Omise Chief Commercial Officer, Raphael Lajoux.
“With its ‘Thailand 4.0’ policy, the country is taking the lead in expanding opportunities for the Internet economy. The Thai government is building strong digital payment infrastructure and encouraging more digital wallet adoption. We are thrilled to partner with leaders in the Thai payment ecosystem to offer preferred local payment options Thai consumers use every day for their online and physical transactions. And with the recent rollout of Rapyd Protect, an industry leading online fraud tool, companies can have the confidence to grow their online business safely and securely while they tap the explosive potential of the Thai eCommerce market,” said Joel Yarbrough, Vice President for Asia Pacific, Rapyd.
The expansion of the Rapyd Global Payments Network offering all-in-one payment capabilities suite first took place in Singapore in November 2019, followed by Brazil in March 2020, the United Kingdom in June 2020, Mexico and India in July 2020, and South Korea in October 2020.