TrueMoney, a major eWallet player in Thailand has officially launched in Malaysia in partnership with Lotus’s. The new QR-based eWallet platform is also named the official payment provider for all Lotus’s outlets nationwide. TrueMoney is part of the Charoen Pokphand (CP) Group, a Thai conglomerate which took over Tesco Malaysia and the group also runs a telecommunications business via True Corporation.
At the moment, the eWallet is quite basic and it can only support QR payments with TrueMoney merchants. It doesn’t support DuitNow QR yet, so you can’t use it to pay merchants that display the national QR code standard. For reloads, it accepts, credit/debit card as well as online banking via FPX.
By default, the TrueMoney eWallet has a maximum wallet size of RM200 but you can upgrade it by completing the IC verification (eKYC) process. The upgraded eWallet has a maximum wallet size of RM10,000 and you can perform transfers to other TrueMoney accounts with a maximum limit of RM10,000 per day/month.
To acquire more users, TrueMoney and Lotus’s are running a campaign where you can claim RM8 cashback if you spend a minimum of RM38 on a single receipt two times. Just check out from the store using TrueMoney Wallet. They are also offering RM5 cashback when you reload with a minimum of RM50 with your Visa card that’s set as your preferred payment.
Prior to its launch in Malaysia, TrueMoney is also available in Vietnam, Cambodia, Myanmar and Indonesia. Similar to our very own Touch ‘n Go eWallet, the Thai eWallet is also a joint venture with Alibaba’s Ant Financial. It also claims to have the largest agent network with over 88,000 agents in Southeast Asia that enables remittance, lending and large payment volumes. TrueMoney is also part of the Alipay+ network which allows cross-border payments at over 1 million merchants worldwide.
You can download the TrueMoney Wallet Malaysia app on the Google Play Store and Apple App Store.
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