A rapid growth of online payment users in Thailand has led to service provider AirPay launching the AirPay Card, a virtual prepaid card, to boost the convenience of online transactions.
The card is convenient, fast and secure according to Maneerut Anulomsombut, CEO of Garena Online (Thailand), a holding company of AirPay (Thailand).
AirPay offers an offline payment service with the support of 85,000 over-the-counter distribution channels across the country, and the AirPay mobile app that allows users to pay their bills, refill credit, buy movie tickets, air tickets, bus tickets and ferry tickets and even donate money to charity organisations.
The AirPay app has up to 1.4 million registered users. Most of them are between 17-24 years old and like spending money on entertainment and lifestyle products.
According to AirPay, there are some 10 million "Gen Me" consumers in Thailand, aged between 15-24, on devices that can access services and products they are interested in, so they are familiar with online transactions. However, 70% of AirPay app users don't have a credit card or a debit card for e-payments.
AirPay recently launched the AirPay Card to better tap into the online shoppers market through a collaboration with Mastercard and Thanachart Bank. The AirPay Card can be used at any online shop and merchant, in any location where Mastercard is accepted. The AirPay Card comes with 3D Secure (MasterCard SecureCode), which requires a One-Time Password prior to completing a payment ensuring additional safety and security while making online transactions.
Card registration does not require any personally identifiable information. Credit top-up can be made through a variety of different channels. Card owners can top up anytime, anywhere, on AirPay apps and AirPay counters.
Maneerut noted that AirPay targets having 4.5 million registered users by the end 2017, together with 180,000 service points nationwide. The AirPay service points cover individual retail shops to Tesco Lotus and various bank counters. The service is based on the licences of the Bank of Thailand.
In terms of spending trends, the user-base of AirPay has shifted from heavy gaming to lifestyle products, said the CEO. Besides security and convenience, Maneerut believes that the other strength of the service is that users can control their expenses as they have to top-up their credit.
She pointed out the global trend that the number of non-cash transactions is growing, from 387 billion in 2014 to 426 billion in 2015. In Asia Pacific, the number of card payments is forecasted to grow 75% from 2015 to 2021.
From 2010-2015, Thailand's cashless payments grew by 20% on average, the fourth fastest growth behind China, India and Indonesia.
"At present, AirPay has effective access to 20 million young people who could not be reached by the general media," said Maneerut. The services that users pay via AirPay cover movie tickets, game top-ups, mobile top-ups, online shopping, bill payments and donations. The total spending each month via AirPay is more than 300 million baht, with transactions done primarily via service points rather than the mobile app.
