TrueMoney improves e-wallet

ASEAN e-payment provider TrueMoney is preparing new features for its TrueMoney Wallet app.

Current services include bill payment, mobile top-up, money transfer and online/offline payments. They will soon be joined by international transfers, borrowing, mutual fund investments, and paying for plane tickets, hotel rooms and food. Credit rating capability and advanced fraud prevention features have also been included.

Thai customers can use their TrueMoney account to pay when visiting the App Store, Apple Music and iTunes from their Mac, PC, iPhone, iPad or iPod touch.

TrueMoney’s parent company is Ascend Group. Their CEO Punnamas Vichitkulwongsa has big plans for TrueMoney.

“We call this the emergence of the Super App because the services available through the updated TrueMoney Wallet and those which are planned for future phases will complement each other. What will end up happening is that this app will serve all the financial needs of our lives.

“Fintech is no longer enough and we took a further step to introduce ‘FinLife’ or ‘Financial Lifestyle’ because TrueMoney Wallet really does have the potential to meet all of an individual’s needs, all the way from day-to-day financial needs to bigger and more substantial things.”

TrueMoney has confirmed partnerships with 7-Eleven and True Coffee and plans on announcing more deals later this year. The company also operates in Myanmar, Indonesia, Cambodia, the Philippines, and Vietnam. More than 50,000 agents across the six countries participate in the TrueMoney network.

“TrueMoney Wallet is made by Thai people for Thai people and for everyone in the ASEAN region,” Mr. Punnamas added. “Every day we are seeking to break the old barriers to financial stability and build economic growth and generate wealth for millions of people.

“But it has to start by the adoption of digital financial innovations – and the first step is downloading TrueMoney Wallet.”