PayPal Launches PayPal.ME, Eyes Social Commerce In Thailand

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PayPal, the leading international payment service provider, plans to launch its new payment system, PayPal.ME, to serve the Thai market in the next two weeks as it focuses on social commerce in Thailand, reports Bangkok Post.

The system is intended to offer more convenience for both sellers and buyers when conducting transactions.

Currently, PayPal has more than 1o,000 merchant customers in Thailand, largely in the hotel, jewelry and fashion industries.

The Electronic Transactions Development Agency (ETDA) recently reported that the business-to-consumer (B2C) focused segment of Thailand’s online retail market has growth potential of 30% this year, due to the growth of mobile internet users and aggressive discount pricing among ecommerce companies.

Thailand has the largest online retail market in ASEAN, according to ETDA.

Thailand’s overall ecommerce market – includes B2C, business-to-business (B2B) and business-to-government (B2G) – was estimated to be worth 2.2-2.3 trillion THB in 2015.

Thailand’s large mobile subscriber base of 102 million, coupled with intense competition in the ecommerce market, are key factors driving growth in the local online retail market.

The government’s national e-payment scheme would encourage the country to transform from a cash based society to a cashless society.

Cash is PayPal’s key competitor, so the introduction of an online payment system should boost the company’s business expansion.

PayPal offers cross-border payment service in more than 200 countries over the world in 25 currencies. For the second quarter of the year, the company recorded total revenue of $2.65 billion, increasing 19.5% year on year.

A version of this appeared in The Bangkok Post on July 27. Read the full version here.