Press Release: MC Payment Adds Rabbit LINE Pay to Payment Platform

MC Payment Adds Rabbit LINE Pay to Payment Platform

  • MC Payment-Rabbit LINE Pay partnership to offer QR payment services in Thailand from 3Q 2021
  • MC Payment already offers local payment methods and popular digital wallets such as Singapore’s PayNow, ThaiQR, Boost, Alipay and WeChat Pay on its platform
  • According to an industry report1, the COVID-19 pandemic has accelerated the shift away from cash towards digital or online payments

SINGAPORE, May 18, 2021 – MC Payment Limited (SGX: TVV) (“MC Payment” or the“Company”, and together with its subsidiaries, the “Group”) is pleased to announce that it has partnered Thailand’s Rabbit LINE Pay to offer QR payment services in Thailand from 3Q 2021. The addition of Rabbit LINE Pay is part of MC Payment’s efforts to constantly enhance its channels to provide more payment methods to consumers and help merchants accept digital payments seamlessly.

Currently, Rabbit LINE Pay is one of Thailand’s leading digital payment platforms, serving an estimated 8 million registered users, with a monthly active user (MAU) ratio of 60%2. It is backed by LINE, one of the most popular messaging apps in Thailand with 47 million active users3. Rabbit LINE Pay has partnered with well-known brands across multiple industries. Today, Rabbit LINE Pay can pay over 300,000 merchants via online websites, mobile applications and offline merchants.

With over 10 payment methods – including local QR payments such as Singapore’s PayNow, ThaiQR, and popular digital wallets such as Alipay, WeChat Pay, and with Rabbit LINE Pay slated to be rolled out from 3Q 2021 – MC Payment will be equipped with the capabilities to launch cross-border payments in the region in the future.

According to a report1 published in November 2020 by Bain & Co, Temasek and Google, (the “Report”), the COVID-19 pandemic has accelerated the shift away from cash towards digital or online payments. Citing data from Kantar (a data, insights and consulting company), the Report noted that the average number of cash transactions by consumers declined from 48% pre-COVID-19 to 37% post-COVID-19. At the same time, frequency of e-Wallet transactions rose from an average of 18% pre-COVID-19 to 25% post-COVID-19, indicating a massive shift from one payment method to another. These “new-found” consumer habits are expected to be “long-lasting”, the Report added.

With digital payments in ASEAN expected to triple to US$1.5 trillion (S$2 trillion) by 2030*, the Group believes it is well-placed to capitalise on this significant and growing market opportunity, given its established infrastructure and expanding geographical footprint. Asia also leads the growth in non-cash transactions globally, registering a five-year CAGR of 24% to US$244 billion in 2019, driven by its soaring Internet economy*.

Executive Director and Chief Executive Officer of MC Payment, Mr Anthony Koh, said: “We are very pleased to partner Rabbit LINE Pay to launch cashless payment services in Thailand. With the trend of digital payments accelerated by the pandemic, Rabbit LINE Pay offers a tremendous and growing market opportunity for us. We look forward to robust take-up rates for this service.”

*This information was extracted from a media release entitled “Digital payments in Asean to triple to US$1.5t by
2030: report” published by The Business Times on 16 October 2020, which can be accessed at:
https://www.businesstimes.com.sg/asean-business/digital-payments-in-asean-to-triple-to-us15t-by-2030-report
(last accessed on 12 May 2021)
*Data obtained from Capgemini’s World Payments 2020 report, which can be accessed at
https://worldpaymentsreport.com/ (last accessed on 17 May 2021)

 

Investor Relations and Media Contact:
Ms Loke Chunying
Mobile +65 9222 7687
Email cy@gem-comm.com

 

This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (“SGXST”) Listing Manual Section B: Rules of Catalist.

This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone (65) 6636 4201.

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