What is TrueMoney? TrueMoney Review

introduce

TrueMoney's two main shareholders are CP Group and Ant Financial.

TrueMoney has offices in Thailand, Vietnam, Cambodia, Myanmar, Indonesia, and the Philippines. It has licenses to operate e-money in almost every Southeast Asian country.

TrueMoney Service

TrueMoney Wallet provides services such as payment, recharge, cash withdrawal, bill payment, subway ride, etc.

In Thailand, the platform includes TrueMoney Wallet, WeCard by MasterCard, TrueMoney Cash Card, Kiosk, Express, Payment Gateway and Remittance services. It provides cross-border remittance services from Myanmar and Cambodia to Thailand.

TrueMoney 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 remitter will also be informed of the specific amount received by the payee (a small handling fee will be deducted in the middle), and will 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.

TrueMoney Development History

In early 2016, Truemoney entered the Cambodian market.

In January 2016, TrueMoney's monthly transaction volume reached 3 times.

In October 2016, TrueMoney launched the transfer solution TrueMoney Transfer to help individuals and migrant workers who do not have bank accounts to safely send money to their homes. It is mainly used for cross-border transfers between Thailand and Myanmar.

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

In August 2016, Ant Financial acquired a 20% stake in its subsidiary brand, providing electronic payment services in Southeast Asia.

In 2017, TrueMoney’s transactions in Southeast Asia totaled US$5 billion, with Thailand being the largest contributor.

In August 2017, TrueMoney e-wallet was officially connected to Apple AppStore.

References

• 1. Thailand TrueMoney's first cross-border payment landed in Myanmar: ebrun [cited on 2016-10-19T16:00:00.000Z]