Singapore – Global cross-border payment network Thunes has announced the expansion of its acceptance payment network to Indonesia, Malaysia, the Philippines, Singapore, and Thailand to enable global merchants to accept payments via local payment brands.
The network expansion will enable European and international merchants to receive and settle payments from SEA consumers in their currency of choice.
Thunes’ expansion aims to solve the problem of differences in payment methods, with US and European consumers using credit cards as the main transaction method while SEA consumers use alternative payment systems like mobile wallets, ‘Buy Now, Pay Later’, and ‘Real-Time Payment’ schemes.
With the expanded acceptance network, global businesses can now accept payment from local payment brands in Indonesia (Alfamart, DANA, OVO, QRIS, and ShopeePay), Malaysia (DuitNow, Boost, GrabPay, Maybank QR, ShopeePay, and Touch ’n Go), and the Philippines ( Cebuana Lhuillier, GCash, GrabPay, InstaPay, Maya, PESONet, ShopeePay).
Furthermore, its acceptance payment network also extends to Singapore (Atome, GrabPay, PayLater by Grab), and 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 at Thunes, 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,” he added.
