Digital wallets—also known as “e-wallets”—are popular and widely used payment methods in Thailand. The continuous growth of fintech infrastructure and digital wallets’ increasing use have made this payment method important for international payments. Digital wallets support both money transfers and product purchases conveniently, quickly, and securely.

In this article, we provide an overview of using digital wallets for international transactions, including an explanation of digital wallets and their benefits and how to choose the right digital wallet solution for your business. We also cover usage guidelines and examples of cross-border payments to help Thai businesses and customers connect with global markets and support the expansion of international transactions.

What’s in this article?

• What is a digital wallet?
  
• Get to know international digital wallet service providers
  
• Benefits of digital wallets for international transactions
  
• How to choose a digital wallet solution for international transactions
  
• How to make international payments with a digital wallet
  
• How Stripe Payments can help
  

What is a digital wallet?

A digital wallet is an online money account that customers can top up through various channels. These include bank transfers, automated teller machines (ATMs), counter services, and credit and debit card links. Customers can use digital wallets to pay for goods and services in online and offline stores. Popular digital wallets in Thailand include Paotang, GrabPay, LINE Pay, ShopeePay, and TrueMoney.

Get to know international digital wallet service providers

International digital wallets support cross-border financial transactions. These include receiving and transferring money between countries or paying for goods abroad by scanning a quick-response (QR) code without using cash or credit cards directly. Below, we provide examples of digital wallet service providers that support cross-border financial transactions or play significant roles in Thailand’s international payment infrastructure.

Alipay+

Major digital wallet services focusing on QR code payments are available to Thai customers internationally via the Alipay+ network. This platform connects digital wallets from multiple countries.

It also helps facilitate payments for international customers of Alipay+, such as AlipayHK in Hong Kong, Kakao Pay in South Korea, Touch ’n Go eWallet in Malaysia, GCash in the Philippines, and DANA in Indonesia. These customers can scan to pay via QR codes at various stores, hotels, shopping malls, and tourist attractions in Thailand that accept Alipay+.

Apple Pay

Apple Pay is a leader in digital wallets, allowing customers to make payments conveniently and securely using smartphones, smartwatches, and other devices. Customers in Thailand can top up their Apple Pay app and use contactless payments with near-field communication (NFC)-enabled devices.

This digital wallet also has security measures, such as Face ID, Touch ID, and data encryption. In addition, Apple Pay facilitates international transactions at participating businesses worldwide.

Google Pay

This digital wallet has more than 100 million customers worldwide, and it supports online and in-store payments and international transactions. Google Pay integrates with Android devices and Google services, allowing wide customer access.

In Thailand, customers can use Google Pay to pay for goods and services via smartphones, including contactless payments at participating businesses. It also facilitates online purchases from abroad.

GrabPay

This digital wallet is part of the Grab app, which is the leading on-demand delivery service in Thailand that combines services such as transportation, food delivery, and parcel delivery.

GrabPay customers in Thailand can make payments via the Grab app abroad, including in Singapore, Malaysia, Indonesia, the Philippines, Vietnam, Myanmar, and Cambodia. They can conveniently pay for GrabFood or GrabMart services with the app, which automatically converts currencies. It is recommended to update the Grab app to the latest version to support usage abroad.

LINE Pay

The digital wallet integrated with LINE—the most widely used messaging app in Thailand—facilitates cross-border transactions between Thailand and Taiwan.

LINE Pay customers can pay for goods and services in Taiwan at participating businesses in the local currency. The system automatically calculates the exchange rate, which reduces the need to exchange and carry cash. Taiwanese tourists can also spend more conveniently in Thailand at participating businesses.

TrueMoney

TrueMoney supports payments at more than 7 million businesses in Thailand. It facilitates money transfers, mobile top-ups, and utility bill payments.

For international transactions, TrueMoney offers cross-border payment services in several countries, including China, Indonesia, Japan, South Korea, Malaysia, the Philippines, Singapore, and Vietnam via a partnership with Alipay+. Where the service is supported abroad, customers can scan a QR code to pay for goods and services without fees or the need to exchange cash.

Stripe digital wallet solutions

Stripe supports the use of digital wallets in international transactions through connections with both Apple Pay and Google Pay. This allows foreign customers to make payments conveniently and securely with familiar digital wallets when purchasing goods or services from Thai businesses.

Stripe also enables Thai businesses to easily receive payments from customers worldwide by supporting multiple currencies with an automatic currency conversion system. Businesses can display product prices in local currencies—such as USD, EUR, or JPY—and receive international payments directly to a bank account in Thailand.

Note: Regularly check the terms of use for international digital wallets, as partner countries and the list of businesses that support cross-border payments can change.

Benefits of digital wallets for international transactions

Below, we provide the benefits of using digital wallets for international transactions.

Reduce time and costs

International digital wallet systems can transfer and make payments in real time or within a few minutes. Compare this to traditional bank transfers, which can take several business days. Digital wallets can also reduce documentation and complex verification processes, resulting in lower operating costs for both operators and customers.

In addition, transaction fees via digital wallets are usually lower than other international payment options, allowing businesses to manage finances and reduce costs more efficiently.

Easily reach customers

Using and accepting payments via digital wallets makes it easier for businesses to reach customers. They are popular payment tools in Thailand and abroad, especially for those who do not have bank accounts. Customers can top up, transfer money, and pay for services immediately, which can make transactions more convenient.

Additionally, supporting multiple languages and currencies can help build confidence for international customers, expand the customer base, increase marketing opportunities, and enhance competitiveness on a global level.

Receive payments without a foreign bank account

In the past, expanding a business abroad often required opening a bank account in the destination country. This can be a complex, time-consuming, and costly process involving documentation, identity verification, and differing legal requirements in each country.

Using a digital wallet allows businesses to receive immediate payments from customers worldwide, simplify operations, and eliminate the need to open foreign bank accounts.

Expand the market

Digital wallets can help Thai businesses expand to the global market. They reduce complex legal restrictions, foreign account opening procedures, and identity verification. This can result in faster, more secure, and low-cost international transactions compared to traditional financial systems.

Digital wallets are convenient payment options for international customers. They can help increase sales by expanding the market base, enhancing opportunities to reach new customers, and driving sustainable sales growth.

Increase convenience and safety

Digital wallets can increase convenience and safety for both customers and businesses. Customers can conduct various transactions via digital wallets anytime and anywhere via smartphones. This enables the purchase of goods and services using security measures that prevent unauthorized access to information, such as data encryption and two-factor authentication (2FA) technology. These can include passwords and biometric verification, such as fingerprint or facial scanning.

Quickly verify transactions

International digital wallets help increase transparency with systematically recorded real-time transaction data. Customers can clearly verify transaction information and exchange rates. Additionally, digital wallets facilitate the creation of financial reports and retrospective audits, resulting in greater confidence in using international digital wallet systems for both businesses and customers.

Enhance competitiveness

The use of fintech innovations can help elevate the modern image of a business because it reflects adaptation to technology, attention to the customer experience, and a readiness to compete in the digital market.

Accepting digital wallet payments also meets the needs of digital-age customers who seek convenience, speed, and secure payment methods. It can also build trust with foreign customers familiar with using digital wallets. This can result in increased business credibility and enable better competitiveness in the global market.

How to choose a digital wallet solution for international transactions

When choosing a digital wallet solution for international transactions, consider the following factors.

Global digital wallet system

When using digital wallets for international transactions, you need to choose a service provider with payment infrastructure that supports digital wallet usage worldwide and is at the forefront of the fintech industry.

For example, Stripe supports both Apple Pay and Google Pay—two of the most popular and widely used digital wallet service providers in the world. This can enable your business to receive payments from customers in various countries.

High security standards

Choose an international digital wallet service that has high security standards to reduce the risk of fraud and financial data leaks. The provider should use data encryption and 2FA, such as passwords or biometric verification. In addition, a real-time fraudulent transaction detection system can ensure that international transactions are secure, transparent, and protected from unauthorized access.

Currency support and exchange

Choose a system that supports multiple currencies, calculates exchange rates in real time, and automatically converts currencies.

Platforms—such as Stripe Payments—make cross-border payments fast and accurate, reducing the hassle of currency exchange. Businesses can conveniently accept payments from abroad and display prices in various currencies. Customers can easily pay for goods and services in their local currency and instantly check exchange rates and fees using the app. This provides greater flexibility for both businesses and customers.

Transparent operations and fees

Choose a provider that displays fees, exchange rates, and currency conversions in real time. Transaction fees should be clearly stated with no hidden charges. When transaction data is systematically recorded, it allows customers to clearly review transfer history, including date, time, amount, and exchange rates. This facilitates financial reporting and retrospective auditing.

Connections to other backend systems

Service providers should have the ability to easily integrate with payment systems and other backend systems, such as enterprise resource planning (ERP) systems, customer relationship management (CRM) systems, and accounting management systems. This can help ensure consistent information across all platforms, improve financial governance, and support better decision-making.

Expertise in legal issues

Choose a service provider with knowledge and expertise in the legal aspects of cross-border transactions. The provider should understand and comply with the regulations that govern international payment transactions, according to the criteria set by the Bank of Thailand under the Currency Act B.E. 2501 (1958) and the Foreign Exchange Control Act. Providers should also have the ability to immediately comply with local regulations and the expertise of business partners from around the world.

How to make international payments with a digital wallet

Below, we explain how to use international digital wallets from service providers in Thailand.

Select and download the digital wallet

Choose and download a digital wallet that supports international use, or check if your smartphone already includes such services. Consider the digital wallet selection criteria mentioned earlier, such as automatic currency conversion and security standards.

If your smartphone already has a digital wallet app that supports international transactions, you can skip the next two steps.

Sign up for an account and verify your identity

Sign up for an account by filling in personal information, such as your first and last name, phone number, and email address. Some applications ask you to verify your identity by uploading a photo of your ID card or taking a photo of yourself to ensure transaction security.

Connect a bank account or credit card

Connect your digital wallet to a bank account or credit card, or top up at convenience stores or service counters. To enable financial transactions, please specify the account information you want to connect, such as your bank account or credit card number.

Enable international transactions

Enable the International Payments feature, and check or adjust the account status to meet the Know Your Customer (KYC) requirements—according to Thai e-money law—as basic accounts typically cannot be used internationally. This can require filling in and verifying additional information, such as date of birth, occupation, address, or tax identification number, according to the service provider’s conditions.

Submit information and await approval

Submit additional information according to the service provider’s terms and conditions, and wait for the system to verify and approve international digital wallet usage. Once approved, update the digital wallet app to the latest version to use the International Payments feature.

Start using digital wallets for international transactions

• International money transfers
  Select the transfer or payment menu, and fill in the required information. Generally, the information includes the recipient’s full name (matching the digital wallet account), the phone number linked to the digital wallet, email address, destination country, destination currency, and reason for the transfer. You might need to upload additional documents according to the terms and conditions of each service provider.
  
• Payments while abroad
  When traveling to supported countries, you can select the scan-to-pay menu in the app, and scan a QR code from stores that support the digital wallet. The app will calculate the amount in the local currency, automatically convert it, and deduct it from the Thai baht balance in the digital wallet.
  

Check exchange rates and fees

Before confirming the transfer, the system usually displays the amount the recipient will receive after deducting fees, the exchange rate used, and the estimated time frame for receiving the money. Review all details before clicking confirm.

Verify your identity and make a transfer

Verify your identity via security standards, such as a one-time password (OTP) code, facial scan, or transaction password. After verification, the system will proceed to transfer the money via an international payment network.

However, actual usage depends on the payment process and terms of each service provider.

Examples of digital wallets used internationally

International digital wallets facilitate cross-border payments with fast, simple, and transparent transactions. Examples of digital wallets being used internationally include the following:

• Thai freelancers receive payments from overseas clients via digital wallets. Then, they deposit them into bank accounts in Thailand.
  
• Foreign tourists in Thailand use international digital wallets to pay for goods or services at stores. They scan and pay in their home country’s currency, while Thai stores receive payment in Thai baht.
  
• Thai students studying in the UK can receive money from their families via digital wallets and transfer it to local bank accounts with low fees.
  
• App developers sell products in foreign app stores. They receive income via Stripe and keep the money in a digital wallet before converting it when the exchange rate is favorable.
  
• Thai small and medium-sized enterprises (SMEs) import goods from China and pay suppliers via Alipay with automatic integration into the companies’ accounting systems.
  
• Nonfungible token (NFT) sellers can receive payments from customers worldwide via digital wallets and then transfer them to crypto or bank accounts.
  
• A Thai startup hires freelancers from South Korea and pays them via international digital wallets that support multiple currencies in a single account.
  
• Thai students enroll in online courses at foreign universities and pay tuition via digital wallet. The system automatically calculates the exchange rate.
  

How Stripe Payments can help

Stripe Payments provides a unified, global payments solution that helps any business accept digital wallet payments online, in person, and around the world.

Stripe Payments can help you:

• Optimize your checkout experience: Create a frictionless customer experience and save thousands of engineering hours with prebuilt payment UIs, access to 100+ payment methods, including more than a dozen digital wallet payment methods, and Link, a wallet built by Stripe.

• Expand to new markets faster: Reach customers worldwide and reduce the complexity and cost of multicurrency management with cross-border payment options, available in 195 countries across 135+ currencies.

• Unify payments in person and online: Easily track and reconcile digital wallet payments across online and in-person channels.

• Improve payments performance: Increase revenue with a range of customizable, easy-to-configure payment tools, including no-code fraud protection and advanced capabilities to improve authorization rates.

• Move faster with a flexible, reliable platform for growth: Build on a platform designed to scale with you, with 99.999% historical uptime and industry-leading reliability.

Learn more about how Stripe Payments can power your online and in-person payments, or get started today.