Digital transactions in Thailand are rising significantly, data from the Bank of Thailand shows. Mobile and internet payments were up 83 percent in 2018 from 2016, while fund transfers through traditional channels – branches and ATMs – sank.
People are increasingly using their smart phones and tablets not only for payments, but for money transfers anywhere in the world. This growing “cashless society” is expected to continue in Thailand, as digital technologies and infrastructure evolve and more consumers make the switch for ease and convenience.
DeeMoney is at the forefront of this evolution in Thailand.
DeeMoney is an international money transfer service, operated by Thai-based international telecom provider SawasdeeShop. DeeMoney last year became the first non-bank provider in Thailand awarded special licences by the Bank of Thailand for cross-border money transfer, exchange and e-payment services. That means customers can make unlimited and instant transfers worldwide without restrictions traditionally imposed by banks, such as high fees and large amounts of documentation, bank account requirements and red tape.
DeeMoney charges a flat fee of 150 baht per transaction and requires only one form of valid ID for registration. Money can be sent to 180 countries including the Unites States, Australia, China, India and ASEAN countries such as Cambodia, Vietnam, Myanmar and the Philippines. By collaborating with international partners, it has a strong and reliable distribution network globally, with more than 220,000 service points.
It also has four branches in Bangkok, offering transfer and 34 currency exchange services. But along with its shopfronts, it is firmly focused on digital innovation. Customers can transfer money and make payments from Thailand via the DeeMoney app available on Android and iOS.
“We are in the middle of a financial technology revolution, a move towards a more cashless society,” said Aswin Phlaphongphanich, Chief Executive Officer of SawasdeeShop.
“Customers in Thailand increasingly want smart, convenient and reliable digital financial services. Not only Thai citizens, but the many international workers and their families living in Bangkok, who want to send money home quickly and easily.
“We have been developing several innovative technologies and services that allow them to do this, like the DeeMoney app.”
Such efficient services are critical in a country like Thailand, the second-largest economy in Southeast Asia, with its thriving businesses and industries, and global workforce.
“We are meeting evolving customer needs in Thailand in an increasingly digital world,” Mr Phlaphongphanich said.