PayAll targets 2017 overseas expansion
After celebrating its first anniversary, PayAll Co, a Bangkok-based mobile payment and e-wallet service owned by actor Rattapoom "Film" Tokongsap, plans to license its application to partners in Laos, Cambodia and China in 2017.
"We have talked with potential partners who are interested in using our e-wallet and mobile payment app abroad to serve the rapid growth of mobile payments in the Asia-Pacific region," said Mr Rattapoom, chief executive of PayAll.
PayAll will not expand in the overseas market on its own. Instead, it will license the technology to interested partners.
The success of its mobile payment application has come from its unique business model, which combines multi-level-marketing (MLM), including giving rewards to users, to increase adoption of the app.
Over the past 12 months, the mobile app has generated 50 million baht in monthly payment transactions, mostly for airline tickets and online shopping, but also for utility payments and discount coupons.
PayAll has 300 merchant partners and its recent integration with Lazada has raised its overall reach to 100,000 vendors.
"We foresee Thais increasingly using mobile payment services, which are being driven by the national e-payment scheme, the Thailand 4.0 policy and the growth of fintech firms," said Mr Rattapoom.
The company generates revenue from payment fees of five baht each for utility bills and commission fees from merchant partners ranging from 10 to 60%, depending on the products and services.
Moreover, those who want to do business with PayAll are required to recruit new users into their network to generate extra income. They are also required to pay a 3,200 baht annual fee.
The company is in the process of getting licensing approval from Bank of Thailand to issue its own debit card to provide an alternative to its mobile app.
Meanwhile, it is also expanding its shop partners to restaurants and local merchants with physical shops that can support its payment service via QR code scanning.
"We will widen our reach to customers and merchants that are not online or using mobile apps," Mr Rattapoom said.
The company aims to have 1 million users within two years, up from 100,000 at present. Of the total, 60% are normal users and 40% are business consumers who want to conduct transactions via the MLM system.
PayAll will spend 40 million baht on promoting its service, particularly on billboards, by November, he said.
"We allow customers to scan the QR code and settle up using PayAll. With a minimum purchase of 1,000 baht, we will deliver the products to their homes," said Mr Rattapoom.
The company has also spent 60 million baht on an information technology upgrade and will move to an office size times larger than its current space by year-end.