Nowadays, new financial innovations and the increasing smartphone penetration in Thailand, with 40 million smartphones in 2015, 50 million in 2016, and an estimate growth of 80 million in 2021, has made mobile phones a necessity in today's lifestyle and electronics payment has become a daily activity.
As a result, electronics payment providers saw it was necessary to band together and then established the Thailand E-Payment Association (TEPA) to upgrade the country's electronics payment industry to the global standards and to boost the confidence in e-payment amongst Thai consumers.
The Thailand E-Payment Association (TEPA) was registered as an association on February 5, 2016 with the purpose of supporting the e-payment industry, aiding its members in any disputes, and centralizing the communication and cooperation with third parties. At present, the association has 16 members, both operators of electronic wallets and e-Money card providers. They are:
Thai Smart Card Co., Ltd.
Advance M-Pay Co., Ltd.
Paysbuy Co., Ltd.
TrueMoney Co., Ltd.
Bangkok Smartcard System Co., Ltd.
T2P Co., Ltd.
Airpay (Thailand) Co., Ltd.
Rabbit-Line Pay Co., Ltd.
Fort Smart Service Public Co., Ltd.
MOL Payment Co., Ltd.
2C2P Plus (Thailand) Co., Ltd.
Pay Solution Co., Ltd
Netbay Public Co., Ltd.
Bluepay Co., Ltd.
Omise Co., Ltd.
Big C Supercenter Public Co., Ltd.
Mr. Punnamas Vichitkulwongsa, Group CEO of Ascend Group Co., Ltd., as Chairman of the Thailand E-Payment Trade Association: TEPA said "Electronics payment reflects Thailand 4.0 policy and the Cashless Society endeavor of the government. In many countries such as China and India, electronics payment has advanced greatly; in Sweden, cashless society has become a reality. The benefits of going cashless is boundless such as lessening the costs associated with managing cash, lessening the risks in holding on cash, and allowing inspection of every step of the payment process to cut down on corruption."
The Thailand E-Payment Trade Association: TEPA aims to promote electronics payment by educating Thai consumers, public and private organizations about the benefits of e-payment. The association will also regulate the members to make sure they strictly adhere to the rules and regulations of the Bank of Thailand and Thailand government, as well as be the voice for members in supporting Thai business.
Mr. Punnamas concludes, "I would like consumers and organizations to be opened to new financial innovations, particularly e-payment, which will truly increase convenience and security due to the strict governance from the government and the Bank of Thailand. Consumers and organizations can be confident that all 16 members of the Thailand E-Payment Trade Association: TEPA have been awarded the needed licenses to operate their business legally and vow to serve consumers with quality products and security that is in accordance with the global standards."