Posted on: 25 Jun, 2024
Posted on: 25 Jun, 2024
Fintech services in Bangkok, more so in recent years, are growing at a stupendous pace. Not only in Thailand, but the fact is that Fintech is the largest growing market in the world, with the bulk of the growth concentrated in Asia. Here we look at the top 8 payment gateways in Thailand, a country that is known more for its natural beauty and tourism.
Founded in 2003, 2C2P (Cash & Card Payment Processor) is one of the largest Asian payment gateways available in Thailand, helping businesses securely accept and transfer payments from millions of customers. A global payments platform that provides an alternative (non-credit card) and traditional online payment solutions for merchants, 2C2P works with global financial institutions, tech giants, retail enterprises, e-commerce, and m-commerce merchants. The company offering comprehensive payment solutions for large enterprise businesses apart from Thailand operates in Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, and Cambodia.
More Information: https://2c2p.com/
80% of people living in emerging markets don’t have credit cards. Codapay is an alternative payment gateway that enables businesses to accept payments from customers without a card in Southeast Asia, including Thailand. The company offers more than 100 payment methods including, direct carrier billing, bank transfers, cash at retail, vouchers, e-wallets, and card payments.
More Information: https://www.codapayments.com/
iPay88 is a leading payment gateway provider offering top online payment collection solutions for eCommerce merchants within ASEAN. Founded in 2006, the Kuala Lumpur, Malaysia-based company offers multiple online payment options for merchants in Indonesia, the Philippines, Thailand, and Singapore.
More Information: https://www.ipay88.com/
E-wallets will equal cards as the most popular payment method globally. In 2012, $295 billion was processed through e-wallet payments. This is set to cross $2,000 billion by 2021. Line Pay is a new digital wallet for easy and secure payments. It allows its customers to make online and in-store payments by registering their credit cards with the company. Line users can also send payments to other Line users. As of November 2017, Line had a total of 40 million registered payment users across Japan, Taiwan, Thailand, and Indonesia.
More Information: https://pay.line.me/portal/global/main
True Money is an electronic cash and payment service. The platform includes TrueMoney Wallet, WeCard by MasterCard, TrueMoney Cash Card, Kiosk, Express, Payment Gateway, and Remittance lets you securely make cashless and cardless payments for all your everyday needs, including mobile top-ups, bill payments, online and offline purchases, and much more! The company was established in 2005 under the consent of the Bank of Thailand to operate an e-cash card business.
More Information: https://www.truemoney.com/
Operating in Thailand, Siam pay is a part of Asia pay. It provides business-to-consumer (B2C) services, such as ‘SiamPay eCommerce” to organizations and institutions to enable online credit card payments. Siam pay also offers several services like mobile payment, risk management software, and aggregation of the merchants. Asia pays, SiamPay’s parent company was founded in 2000 and claims to encompass 12 countries across Asia.
Braintree helps to increase sales and loyalty with a modernized, optimized payment experience.
Braintree can assist you with the following:
More Information: https://www.siampay.com/
Omise is a PCI-certified payment gateway with an easy-to-use management dashboard and an intuitive REST API allowing integration across a variety of languages and frameworks. Their payment solution is simple to set up and works seamlessly across multiple devices. Some of the payment methods Omise supports include credit/debit cards, installment payments, internet banking, PromptPay, TrueMoney wallet, PayNow, Alipay, WeChat Pay, bill payments, Pay with Points, Pay-easy, and convenience store payment.
More Information: https://www.omise.co/
Money space is a convenient, fast, and secure Payment Gateway with SSL (Security Socket Layer), an encryption technology. To enhance the security of data transmission, it is certified by the Bank of Thailand. Easy to use, secured and universal, Money Space aims to provide the service with the lowest fee rates. And high flexibility.
More Information: https://www.moneyspace.net/
In developing countries anywhere in the world, the general bulk of transactions is carried out in cash, and Thailand has been no exception to this trend. The reason for it is pretty simple to comprehend. Lack of technology, infrastructure, and knowledge are the three main reasons for overwhelming cash transactions. However, the phenomenal growth of smartphones, the internet, and technological development has caused a general shift towards digital transactions in Thailand as well as other developing countries.
Go back to data of six to seven years which showed that close to 70% of the country’s population demonstrated a preference for cash. The explosion of the internet and the cheap availability of internet data along with technological advancements has resulted in the balance tilting steadily towards online payments. The blooming love affair of Thais with their smartphones, especially amongst the middle class has driven the move towards online transactions.
For businesses operating in a highly competitive business environment, they must choose a payment provider with discretion; a service provider that possesses the ability to process the right set of payment methods to generate confidence.
These are some of the most secured and trusted payment gateways in Thailand. You can choose to integrate one of these payment gateways on your business website with the help of payment integration services in Thailand to facilitate the payment process.
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Ajay Kumar
Director & e-Business Consultannt
