Worldpay expands domestic acquiring services to Thai market

Worldpay has announced the expansion of its domestic acquiring services to Thailand, allowing Thai merchants and global companies operating in the country to process payments from local consumers using existing Thai payment infrastructure.

This move enables Thai businesses to accept payments from cards issued by Thai banks, such as Bangkok Bank or Kasikornbank, without incurring additional international fees or routing transactions through foreign banks. The development is part of Worldpay's approach to providing a localised and cost-effective payment solution for the Thai market.

Regional expansion

With the addition of Thailand, Worldpay now supports domestic acquiring capabilities in nine Asia Pacific markets: Australia, New Zealand, Singapore, Hong Kong, Japan, Malaysia, India, South Korea, and Thailand. This regional presence is intended to support global merchants in offering local consumers their preferred payment types, along with improved authorisation rates, enhanced fraud protection, and efficient settlements.

Gabriel de Montessus, President of Global Enterprise at Worldpay, commented on the current changes in the Thai payments landscape:

"The payments landscape is rapidly evolving in Thailand as we're seeing a significant shift from cash use to digital wallets and account-to-account (A2A). It's increasingly important for merchants operating in the market to deliver the right shopper experience with the fastest most secure payments possible."

He added, "Our in-market experts help merchants optimize their offerings, navigate complexities, and ensure they accept the right mix of payment types enabling them to unlock growth opportunities."

Local payment methods and services

In addition to extending its card acquiring services to Thai merchants, Worldpay has also introduced access to four alternative payment methods popular in Thailand: LINE Pay, TrueMoney, PromptPay and online banking. Companies using Worldpay's services will be able to settle transactions in the local currency and benefit from features such as fraud protection, dispute management, and consultancy informed by Worldpay's global data.

Thai businesses will also be able to leverage Worldpay's single integration point to accept payments in more than 170 countries. This is expected to be particularly advantageous for global operators seeking to expand their businesses within Thailand and throughout the wider region.

Market outlook

Worldpay's expansion into Thailand comes at a time when the country's eCommerce market is projected to grow by 9% each year through to 2030. This aligns with data from the latest Worldpay Global Payments Report and demonstrates the growing demand for secure, efficient, and customer-focused payment services in the Thai market.

The company noted that both local and global businesses are seeking to increase their share of this expanding market by providing experiences that reflect Thai consumer preferences for digital payments and alternative payment methods. Merchants are also likely to benefit from Worldpay's solutions aimed at reducing transaction costs and improving operational efficiency.

Global expansion strategy

Thailand is the latest addition to Worldpay's ongoing expansion of its domestic acquiring capabilities worldwide, following recent moves into Colombia, Mexico and the United Arab Emirates. The company processes more than 50 billion transactions each year across 174 countries in 135 currencies. This international footprint is designed to assist businesses of all sizes to manage payments in-person and online.

The entry into the Thai market is part of Worldpay's broader aim to support merchants in the Asia Pacific region and globally, as companies respond to the increasing shift towards digital payments and local payment preferences among consumers.