4 top payments players disrupting the industry in Thailand

By Edil Corneille

With the end of the COVID-19 pandemic nearing, the increasing trend of the usage of digital payments is expected to continue even when the pandemic ends. According to Statista, in Thailand, the total transaction value in the digital payments segment is projected to reach USD 15,927 million in 2021 and the total transaction value is expected to show an annual growth rate (CAGR 2021-2025) of 10.9 per cent resulting in a projected total amount of USD 24,127 million by 2025.

Mentioned below in no particular order are the 4 top payments players in Thailand who are transforming the way payments are being made.

1. 2C2P

2C2P is a full-suite payments platform helping companies process different payment options securely and quickly. 2C2P is headquartered in Singapore and Bangkok. Its team has grown rapidly and now the company has over 400 team members across 10 markets in Asia and Europe. 2C2P has aggregated international and local payment providers, card schemes, and financial institutions onto its platform so that customers can have access to every payment option with one point of integration.

Currently, 2C2P is a payments platform helping global businesses accept payments from over 620 million customers.

In December 2020, 2C2P announced the expansion of its regional remittance platform, easy2send, to include a new real-time remittance corridor from Thailand to Singapore. In collaboration with Nium, a global FinTech infrastructure platform, and Ripple, the enterprise blockchain solution for global payments, this combination of expertise is expected to enable Thais and Singaporeans to experience a convenient, affordable, secure and instant money transfer service from Thailand to Singapore.

2. Bangkok Payment Solutions (BPS)

BPS was founded in 2014 with the vision to become the leading mass transportation system integrator in Thailand. The primary focus of the company is in e-payment and card technologies. These innovations are said to have found their way into a number of Thailand’s mass transportation systems and retail networks, providing greater efficiency for clients. With a team of technical professionals, BPS constantly strives towards international quality and complete service solutions in Southeast Asia.

BPS provides e-payment solutions in Thailand and the region with retail, royalty, payment systems to provide customers with a payment platform to support various industries.

3. Pay Solutions

Established in 2013, Pay Solutions is an online payment system provider. Operated under the name ‘Thaiepay.com’ with more than 10 years of experience in service since 2003, it provides both online and offline payment systems such as credit cards, debit cards, bitcoin, counter service and mobile credit card payment terminals (mPOS).

The company was granted a business license for E-Payment Service Provider License Account C (3) 004/2014 from the Electronic Transactions Commission. With the Bank of Thailand as the supervision.

e-Payment is an online payment system where Pay Solutions has prepared a webpage for entering credit card numbers for merchants to connect directly. Pay Social is an online payment service through social media where money can be received from customers via Facebook, Instagram, Line or various online channels immediately by sending a link.

4. SiamPay

SiamPay is an online payment gateway system in Thailand. It provides secure and seamless electronic payment solutions for both SMEs and large enterprises. The online payment system delivers reliable merchant services that allow businesses to accept online payments ranging from credit cards, internet banking, cash or over-the-counter payments, eWallet payments, and PayPal. SiamPay is a product of AsiaPay Thailand, a wholly owned subsidiary of Hong Kong-based company AsiaPay.

Secure payment services are said to be offered by SiamPay that enable e-commerce merchants to accept payments on a single platform.

ALSO, READ: Payments & Cards Systems and Suppliers Report 2020