What is TrueMoney? TrueMoney Review, Features

TrueMoney is an online payment service provider in Thailand. It was founded in 2003 and was originally a subsidiary of True Corporation. It was reorganized into Ascend Group in 2014. TrueMoney mainly operates in the Southeast Asian market, and its products include TrueMoney Wallet, WeCard, etc.

About TrueMoney

TrueMoney started offering services in 2003. TrueMoney's two main shareholders are Charoen Pokphand Group and Ant Financial. TrueMoney has become a leading fintech company in Southeast Asia, providing innovations in electronic payments.

Serving the country

TrueMoney covers a wide range of financial services in 6 countries in the region (Thailand, Cambodia, Myanmar, Indonesia, Philippines and Vietnam). TrueMoney has licenses to operate e-money in almost every Southeast Asian country.

Serve

• TrueMoney Wallet provides payment, top-up, cash withdrawal, bill payment, subway ride and other services. TrueMoney provides payment gateway services for online merchants in Thailand. It provides cross-border remittance services from Myanmar and Cambodia to Thailand.

• In Thailand, the platform includes services such as TrueMoney Wallet, WeCard by MasterCard, TrueMoney Cash Card, Kiosk, Express, Payment Gateway and Remittance.

Cross-border remittance process

Users need to first register an account at an official TrueMoney agent in Thailand and present proof of identity. Then, the user tells the agent the name and phone number of the payee to transfer the money. The sender will also be informed of the specific amount received by the payee (a small handling fee will be deducted in the middle) and receive an eight-digit code via text message. Finally, the payee must present the eight-digit code, proof of identity and phone number to collect cash from the TrueMoney Transfer agent in Myanmar.

Development History

-In early 2016, Truemoney entered the Cambodian market.

-In November 2016, TrueMoney announced that it had received investment from Ant Financial, the parent company of Alipay.

-As of the end of 2016, TrueMoney had 250 service outlets in Thailand and 681 service outlets in Myanmar, where its first cross-border payment was also launched.

-In June 2017, TrueMoney announced strategic cooperation with six agents in payment business. These six agents are Buzzebees, Huanyouji, JiMuTravel, BeiYingwongnai and True Internet Corp., Ltd.

-In August 2017, TrueMoney e-wallet was officially connected to Apple AppStore. From August 18, TrueMoney users can use their TrueMoney accounts to purchase apps and digital content and complete payments on Apple platforms such as App Store, iTunes and Apple Music.