A digital wallet service operated by Central JD Money, a subsidiary of e-finance and fintech service developer Central JD Fintech Holding, is expected to dethrone cash as the main payment channel of Central Group in the years to come.
Central JD Money plans to introduce the Dolfin e-wallet app this year, said Rungruang Sukkirdkijpiboon, chief executive of Central JD Fintech.
The Dolfin app is awaiting approval by the Bank of Thailand. The app's first priority will be payments at Central-affiliated outlets whose annual sales total 300 billion baht, with more than half currently paid by cash, Mr Rungruang said.
Up to 5 million users of the Dolfin app are expected in the first year and 10 million in the next three years.
Dolfin, Thailand's first open-loop e-wallet, will run on the country's standardised QR code platform.
For the first stage, the partners are Bangkok Bank and Kasikornbank. The three partners signed a memorandum of understanding on cooperation yesterday.
Central JD Fintech has sought several licences from the central bank, including e-wallet, e-Know Your Customer, e-money, e-payment and banking agents.
Given that no one player dominates the e-wallet market in Thailand, Dolfin sees strong growth potential in the market as Thailand transforms into cashless society, Mr Rungruang said.
Product features, convenience, security and pricing are key strategies for attracting consumers.
E-wallet payments using facial recognition will be available later this year, he said.
Dolfin's open-loop platform will extend payment service to other merchants later. Some 3 million merchants nationwide can receive QR payments now.
"We also look forward to cross-border payment service, but regulations are needed first," Mr Rungruang said. "China could be the first destination for Dolfin's cross-border payment service in the next phase."
Central JD Fintech was set up as part of a joint venture between Central Group and JD.com, the Chinese e-commerce giant, with a combined investment of US$250 million.
