LINE launches new “Wallet” service accelerating Rabbit LINE Pay growth
LINE fully integrates digital payment by revamping its chat app menu to meet the increasing demand from digital-age customers and support Thailand towards a “cashless society”. The “More” tab (the 5th tab) in LINE chat app will be re-named as “Wallet” tab, prominently featuring Rabbit LINE Pay features and services.
With its 42 million users, LINE and Rabbit LINE Pay are making digital payments fully integrated to LINE.
Since the announcement of the joint venture between LINE Pay, Rabbit mass transit BTS skytrain, and AIS, Rabbit LINE Pay has grown from 3 million users to 4.5 million users, a 50% growth in less than 6 months.
Mobile and digital payments are experiencing exponential growth, driven by the demand from consumers for convenience, and the boom of social commerce in Thailand, where payment from a consumer to a seller is done mainly through mobile banking. According to Bank of Thailand, the mobile banking transaction in Q1 2018 increased 130 percent from the same period last year. Social commerce represents 40% of the e-commerce market , more than 60 billion baht (1.8B USD); most of these transactions are Person-2-Person (P2P) money transfer, from a buyer to a seller.
“Have you been to China recently? It is almost impossible to pay with cash or credit cards, payment has become digital through e-wallets, accepted at offline stores nationwide. China, just a few years ago, was a cash country like Thailand, has now transformed to a cashless society. Thailand will see this transformation happen as well. LINE, through Rabbit LINE Pay, aims at bringing payment in the hands of all Thai people, as a part of their daily lives, taking Thailand into the cashless society era.”, says Ariya Banomyong, Managing Director of LINE Thailand.
The new Wallet service/tab will enable users;
– to pay at more than 50,000 offline stores, using QR code payment,
– to transfer money to other LINE users (a popular service with social sellers), free of any transaction fees to users,
– to pay your utility bills with 78 billers (electricity, water, mobile phone, credit cards etc. ),
– to top up your Expressway EasyPass on the fly,
– to buy movie tickets from Major Cineplex, and a special 20% cashback promotion for movie-goers.