● First true collaboration between fintech and a major bank to provide cross-border payments. ● DeeMoney will be the first to revolutionize cross-border payments from Thailand to India ● The DeeMoney App makes it easy for customers to transfer funds by simply adding the beneficiary’s UPI ID. ● The service will go live at the end of Q1 2022.
Bangkok, February 14, 2022 - DeeMoney, Thailand’s fastest-growing fintech company specializing in cross-border payments, will soon be providing cross-border remittances to India using UPI (Unified Payments Interface) Identification, making DeeMoney’s already popular payment transfers to India from Thailand safer, easier, and more convenient for customers.
DeeMoney recently inked the partnership with IndusInd Bank Limited, one of the leading private banks in India headquartered in Mumbai. Under the partnership, DeeMoney will be using Induslnd Bank’s channels to connect with the NPCI (National Payments Corporation of India) payment systems for validation and cross-border payment into beneficiary accounts.
The partnership with DeeMoney is a significant milestone as it is the first time that India’s UPI is being used for cross-border payments. Unified Payments Interface (UPI) is a real-time payment platform that facilitates the transfer of funds between bank accounts via a mobile application, thus allowing multiple banks to connect in a single mobile application. UPI payments are already happening in India for domestic use, but this partnership is significant because it now enables cross-border payments.
Since its launch in 2016, UPI has seen massive adoption in India. According to a report by Jeffries, in the financial year 2022 (FY22), UPI will account for 50 percent of retail digital payments in India and make up nearly 4.5 times of the debit and credit card transactions in the country.
The UPI feature brings a new level of convenience when making payment transfers from Thailand to India. Customers using the DeeMoney mobile app will be able to easily transfer funds just by adding the beneficiary’s UPI ID, this negates the need to remember bank account details. According to a Pew Research study in 2017, $3,176,000,000 in remittances were sent from Thailand to other countries in 2017. Of this $197,000,000 were sent from Thailand to India.
Mr. Aswin Phlaphongphanich, CEO of Sawasdeeshop Co.,Ltd. and Founder of DeeMoney, said, “We are pleased to partner with Induslnd Bank and the NPCI for this important step forward in making it simpler and more convenient for our customers to make cross-border payments to India. DeeMoney is once again at the forefront in the Thai market, this time by providing the first true collaboration between fintech and a major bank to provide cross-border payments that are as simple and seamless as sending a chat message. Our mission from the start at DeeMoney has been to disrupt and simplify the traditional money transfer industry, this is yet another example of our commitment to putting frictionless cross-border payments into the hands of all our customers.”
DeeMoney is currently developing the systems required to offer the UPI services to Thailand customers with the target launch date being the end of Q1 2022. DeeMoney’s in-house developed platform, Grand Central, currently processes payments to and from over 100 countries. Deemoney aims to greatly improve the cross-border fintech ecosystem and bridge the gap for customers who live between a digital and physical world through frictionless money transfer solutions. To date, the company has processed over 2 million transactions to the value of 2 billion USD in and out of Thailand.
The UPI platform was developed by the National Payments Corporation of India. National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
