TrueMoney, a leading e-payment and financial service provider, has joined forces with Mastercard and Google to enable users to add TrueMoney Mastercard virtual prepaid card, previously known as WeCard, to Google Wallet.
The move allows Google Wallet users to pay via TrueMoney Mastercard for contactless payment via the Google Pay platform.
Apinand Dabpetch, head of TrueMoney's growth and wallet platform, said the partnership makes it easier for users of Google Wallet and TrueMoney to make contactless payments at physical stores and online merchants worldwide.
TrueMoney Mastercard is a virtual prepaid card that is embedded in the TrueMoney app, allowing holders to make payments at stores that accept credit and debit cards. This enables people who do not have a physical credit card to purchase goods from online merchants, while users can enable or disable the card at their discretion.
The Google Pay app is used by more than 150 million people in 40 countries.
Natsicha Voraprukpisut, vice-president of business development at Mastercard, said consumers worldwide are demanding greater flexibility and choice in how they pay.
The Mastercard New Payments Index 2022 found Thai consumers are more enthusiastic about digital forms of payment than the regional average. The partnership with TrueMoney and Google is part of Mastercard's ongoing efforts to bring more payment options to Thailand that match how people live, work and transact in today's digital-first world, said Ms Natsicha.
Aditip Panupong, industry head of strategic partnerships for Google Asia-Pacific, said TrueMoney Mastercard holders can now add payment cards to Google Wallet and tap to pay in-store, at checkout online or via apps.
"We look forward to collaborating with more partners to make Google Wallet the go-to app for Thais to access their everyday essentials, including payment cards or digital items such as loyalty cards and boarding passes," he said.
The firm Paymentology plays a vital role as a key partner behind TrueMoney's issuing and processing of virtual cards. By leveraging its cloud-native platform, Paymentology facilitates coordination between TrueMoney, MasterCard and Google Wallet, enabling real-time processing that provides consumers with a seamless and flexible user experience.
The partnership between these four firms has been helped by Thailand's cashless transaction trend, which is becoming more prominent. The Mastercard index showed 94% of Thai consumers have used digital payments across multiple formats, surpassing the Asia-Pacific average of 88%. The leading payment method is digital wallets, followed by bank transfers and QR codes.