Thailand’s TrueMoney eWallet Has Finally Landed in Malaysia
A major eWallet service provider from Thailand, TrueMoney, has finally arrived in Malaysia, and it’s the official payment provider for Lotus.
TrueMoney, a leading eWallet provider in Thailand, has officially launched in Malaysia in partnership with Lotus, the same company that took over Tesco’s operations in Malaysia. As part of the partnership, the new QR-based eWallet platform will also serve as the official payment provider for all of Lotus’s outlets nationwide.
TrueMoney is a part of the Charoen Pokphand (CP) Group, a Thai conglomerate that also owns Tesco Malaysia and operates a telecommunications business through True Corporation. Currently, the eWallet is limited in functionality, only supporting QR payments with merchants and not supporting DuitNow QR, the national QR code standard.
Users can reload their wallet using credit / debit cards or online banking via FPX. The default maximum wallet size is RM200, but this can be upgraded to RM10,000 by completing the IC verification process. The upgraded eWallet also allows for transfers to other accounts with a maximum limit of RM10,000 per day / month.
To attract more users, they are running a campaign where customers can claim RM8 cashback if they spend a minimum of RM38 on a single receipt twice, by checking out from the store using the TrueMoney Wallet. They are also offering RM5 cashback when reloading a minimum of RM50 with a Visa card set as the preferred payment method.
TrueMoney was previously available in Vietnam, Cambodia, Myanmar and Indonesia, and is a joint venture with Alibaba’s Ant Financial. It also boasts the largest agent network with over 88,000 agents in Southeast Asia, enabling remittance, lending, and large payment volumes. Additionally, it is part of the Alipay+ network, which allows cross-border payments at over 1 million merchants worldwide.
Pokdepinion: I’m starting to feel like there’s a bit too many options for eWallets now but I’m keen to see where it goes next for this one.