Thunes expands Acceptance Network to five Southeast Asian countries
Thunes, the global cross-border payments infrastructure network, today announced the expansion of its Acceptance payment network to five major Asian markets: Indonesia, Malaysia, Philippines, Singapore, and Thailand. This will enable European and international merchants to receive payments from consumers in Southeast Asia and settle in their currency of choice.
With a population of 675 million and a combined GDP of $2.55 trillion, Southeast Asia is predicted to become the fourth largest economy worldwide. However, companies and merchants seeking to take advantage of the growing purchasing power of this region may face some challenges: while US and European consumers mainly use credit cards to pay online, as shoppers in Southeast Asian countries tend to use alternative payment methods such as mobile wallets, Buy Now Pay Later (BNPL) and Real-Time Payment (RTP) schemes.
Thunes expanded acceptance network enables global merchants to accept payments from Southeast Asia’s most popular local payment brands, including:
- Indonesia: Alfamart, DANA, OVO, QRIS, ShopeePay
- Malaysia: DuitNow, Boost, GrabPay, Maybank QR, ShopeePay, Touch ’n Go
- Philippines: Cebuana Lhuillier, GCash, GrabPay, InstaPay, Maya, PESONet, ShopeePay
- Singapore: Atome, GrabPay, PayLater by Grab
- 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, 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.”
For media enquiries, please contact:
Headland Consultancy | E: firstname.lastname@example.org | M: +44 (0)77 1782 7258 (Drew Salisbury)
Thunes is a B2B payments company building global infrastructure for the 21st century by enabling seamless, instant and transparent money movement. Its modular capabilities empower its customers to Pay, Accept, Exchange and Comply, closing the gap between payment systems in developed and emerging markets worldwide.
Thunes facilitates payments in 80 currencies across 133 countries, using over 300 payment methods. The company supports the world’s most dynamic businesses, from gig economy giants like Uber and Deliveroo to the super-app Grab to global fintech leaders like PayPal, Remitly, Finastra and Revolut.
Founded in 2016 and headquartered in Singapore, Thunes has offices in 20 locations, including Beijing, Nairobi, London, Paris, Dubai and Barcelona. The company has raised over $200m to date, with the latest round being Series C in July 2023. Its investors include GGV Capital, Helios Investment Partners, Insight Partners, Marshall Wace, Bessemer Venture Partners, Visa, 01Fintech, EDBI, and Future Shape, checkout.com, and Endeavor Catalyst.
For more information, visit www.thunes.com.