Saturday, 25 May 2024

Paymentology partners with TrueMoney to provide digital finance products

5 min read

Paymentology, one of the leading global issuer-processors announced the expansion of its current partnership with TrueMoney, an e-payment services and financial services provider.

TrueMoney was established in 2013 and became one of the leading digital financial applications for all mobile carriers in Thailand. The platform includes payment, saving and investment services. Its payment services include, TrueMoney Mastercard, previously named as WeCard, TrueMoney cash card, kiosk, payment gateway and remittances.

Building on TrueMoney’s success in Thailand, and as part of its efforts to support financial inclusion in Cambodia, TrueMoney recently bolstered its offering with the launch of a co-branded virtual prepaid TrueMoney Mastercard supported by Cambodia’s Sathapana Bank through BIN (Banking Identification Number). Powered by its global technical payments partner, Paymentology, the virtual prepaid Mastercard card is available to the ‘unbanked’ members in the country and is further promoting cashless transactions.

Linked to the rise of cashless transactions across Southeast Asia, Mastercard’s New Payments Index 2022 highlights that more than 94% of Thai consumers have used digital systems to pay for services, with the most used form of payment being digital wallets, Paymentology has now powered True Money to launch Google Pay with MDES Tokenisation.

Strengthening the alliance between TrueMoney, Paymentology, Google and Mastercard, Google Wallet users can now add their TrueMoney Mastercard to pay with Google Pay in-store, efficiently and securely.

Apinand Dabpetch, head of growth and wallet platform at TrueMoney commented: “Our partnership with Paymentology, one of the preferred issuer processors of Mastercard, has been a key factor in propelling our growth journey and enabling us to pave the way for innovation in Southeast Asia. We take immense pride in joining forces with global partners to offer our users inclusive financial services that cater to their needs.”

Google Pay has revolutionised the way people transact globally, with more than 150 million users from over 40 countries utilising its convenient features. Android smartphone users can effortlessly pay for goods and services at leading stores worldwide, both online and offline, including world-class restaurants, pharmacies, clothing stores and many more retail establishments. By seamlessly facilitating transactions, Google Pay enhances the spending experience for Thai consumers, making it hassle-free and borderless.

Emre Durusut, regional director of APAC at Paymentology added: “We are incredibly proud to be TrueMoney's trusted issuer processing partner, and thrilled to celebrate its recent milestones which strengthens TrueMoney's standing as a trailblazer in digital payments. With our cutting-edge payment technology and collaboration with industry giants such as Mastercard and Google, TrueMoney has become one of the pioneers of digital financial services in Southeast Asia.”

Re-disseminated by The Asian Banker

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