Although e-commerce and online retail is booming at the moment, there is a group of people who are not able to join in the fun. Besides internet access, owning a debit or credit card is another requirement in order for ecommerce to be possible.
A new payment system, 123, was launched in Thailand to allow credit and debit card-less people in the country to still able to purchase stuff online. The 123 system was created by Aung Kyaw Moe, owner of a payment processing solution company, who saw a potential in the market when he found out that only 25% of the population in Thailand have a debit or credit card. The system is simple to use, shoppers just need to select the 123 payment method when purchasing online. Shoppers can proceed to make cash payments at the nearest participating channels such as 7-Eleven, ATMs or post offices with the printed bar code or reference code number generated upon purchasing.
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Innovative payment methods have been constantly introduced to the market. What other payment methods can we expect in the future? Visit us at Cards and Payments Asia 2013 to find out more!