Thunes Expands Acceptance Network to Five Southeast Asian Countries
- 27.09.2023 10:30 am
Thunes, the global cross-border payments infrastructure network, today announced the expansion of its Acceptance payment network to five major Asian markets: Indonesia, Malaysia, Philippines, Singapore, and Thailand. This will enable European and international merchants to receive payments from consumers in Southeast Asia and settle in their currency of choice.
With a population of 675 million and a combined GDP of $2.55 trillion, Southeast Asia is predicted to become the fourth largest economy worldwide. However, companies and merchants seeking to take advantage of the growing purchasing power of this region may face some challenges: while US and European consumers mainly use credit cards to pay online, as shoppers in Southeast Asian countries tend to use alternative payment methods such as mobile wallets, Buy Now Pay Later (BNPL) and Real-Time Payment (RTP) schemes.
Thunes expanded acceptance network enables global merchants to accept payments from Southeast Asia’s most popular local payment brands, including:
- Indonesia: Alfamart, DANA, OVO, QRIS, ShopeePay
- Malaysia: DuitNow, Boost, GrabPay, Maybank QR, ShopeePay, Touch ’n Go
- Philippines: Cebuana Lhuillier, GCash, GrabPay, InstaPay, Maya, PESONet, ShopeePay
- Singapore: Atome, GrabPay, PayLater by Grab
- Thailand: Bangkok Bank, Bank of Ayudhya - Krungsri, KBank, Krungthai Bank, SCB, PromptPay, Rabbit LINE Pay
Andrew Stewart, Executive Vice President of Account Management and Network, said: “While Southeast Asia’s rapid growth offers a remarkable and enticing opportunity, the speed of change in this region can pose a daunting challenge for merchants. In order to keep up with ever-evolving consumer preferences, businesses must be agile and provide a range of local payment options.
At Thunes, we’ve hand-picked the most relevant payment brands in Southeast Asia to help merchants in gaming, eCommerce and marketplace platforms enter new markets and expand their footprint.
Through our extensive acceptance network comprising 300 payment methods in 90 countries, businesses can easily tap into the vast digital-first consumer market, creating instant connections with millions of potential clients.”