As of May 2023, True Money Wallet led the e-wallet market in Thailand with nearly 53 percent of the market share. This was followed by Rabbit Line Pay, with a share of around 25 percent.

True Money as the market leader

Since the COVID-19 outbreak, Thai people have become more accustomed to a cashless society. When purchasing products or services, e-wallets, mobile banking, or PromptPay are the usual methods of payment. In 2013, True Money was the first to establish an e-wallet service in the Thai market. With around 24 million users, True Money Wallet’s services include transferring money, paying utility bills, and purchasing items at online stores. Currently, True Money is covering purchases in six countries in the ASEAN region, including Burma, Laos, Cambodia, Vietnam, Indonesia, and the Philippines. Moreover, True Money Wallet is the only e-wallet payment method accepted by 7-Eleven stores in Thailand.

LINE Pay e-wallet

In August 2023, LINE MAN Wongnai and LINE (Thailand) acquired Rabbit LINE Pay, an online and offline payment system provider. Rabbit LINE Pay, which is now called LINE Pay, is another popular e-payment services in Thailand. It can be used to pay, transfer money, or top up mass transit networks such as the BTS SkyTrain, as well as purchase products and services from partner brands and pay utility bills. Given the rise in the transaction volume of e-wallets in Thailand, the Bank of Thailand predicted that by 2025, the use of E-Wallet money will have tripled.

Thailand Mobile Payments Market Report is Segmented by Type (proximity Payment, Remote Payment). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The client base of both Thai e-wallet TrueMoney as well as Japan's LINE Pay are expected to grow by over 200 percent between 2020 and 2025. TrueMoney, especially, is said to have seen a significant growth of users during the coronavirus pandemic, ranking as one of the most downloaded free Android apps in the country. Unlike LINE Pay - a mobile payment option within Japan's most popular messaging app and mainly functions within this ecosystem - the TrueMoney mobile wallet relies on global partnerships. First created in 2013 by fintech Ascend Money, TrueMoney entered several major partnerships in the following years with, for example, Apple and China's Ant Group. This makes it possible for users of this particular payment service to pay directly in either the Apple Store or on Alibaba.

In 2020, the penetration rate for mobile wallets in Thailand was estimated at around 21.4 percent. Mobile wallet penetration is forecast to reach approximately 63.4 percent in 2025. One of the county's most popular mobile wallet brands was True Money, taking more than half of the entire market share.

Non-linked wallets are forecast to be the most used type of wallet in Thailand in 2028, but their growth is not as fast as card-linked wallets. This is according to hybrid research released in 2024, which - depending on the country - either used database modelling or data acquired via a consumer survey. The adoption of wallets in Thailand was relatively high when compared to other countries worldwide.

Account-to-account (A2A) payments were the leading payment method for point-of-sale (POS) transactions in Thailand in 2024, making up 41 percent of the total transaction value. Moreover, the market share of wallets in Thai POS payments increased significantly since 2020. Whether this stays the same in years to come, remains to be seen: The forecasted CAGR of mobile payments in Thailand ranks among some of the higher percentages found in Asia Pacific. The source writes the TrueMoney wallet, especially, is seen as one of the leading wallets in the country.

The online banking penetration rate in Indonesia was forecast to continuously increase between 2024 and 2029 by in total 16.6 percentage points. After the fifteenth consecutive increasing year, the online banking penetration is estimated to reach 51.17 percent and therefore a new peak in 2029. Notably, the online banking penetration rate of was continuously increasing over the past years.Shown is the estimated percentage of the total population in a given region or country, which makes use of online banking.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the online banking penetration rate in countries like Thailand and Malaysia.