mPay, the mobile payment subsidiary of Thai mobile operator AIS, set ambitious plans to create a cashless society after acquiring a third of Line affiliate Rabbit Line Pay for THB787 million ($25.1 million).
Rabbit Line Pay already operates in Thailand, having been set up as a joint venture between Japan headquartered messaging company Line and Thai transport ticketing company Rabbit.
Following the investment and subsequent tie-up with the company, mPay said it will “drive Thailand into a cashless society” by enabling payments ranging from billing to transport and retail payments. The company also aims to make Rabbit Line Pay the largest supplier of mobile payments in the country within three years.
Line Thailand MD Ariya Banomyong, (pictured, left) said: “Moving into a cashless society can change Thailand,” adding the payment method could solve issues associated with people carrying cash and a lack of availability of bank card payments for much of the country’s population.
AIS CEO Somchai Lertsutiwong (pictured, centre, alongside founder of Bangkok’s mass transit system Keeree Kanjanapas) added: “Our vision is creating digital technology to enhance Thailand’s infrastructure, especially use of electronic funds,” adding it was “an important mechanism for driving the digital economy.”