Rakuten Inc plans to invest in Thailand’s credit card business
Japan’s Rakuten Inc. (Rakuten) who owns the world’s third largest e-commerce marketplace and Tarad.com, Thailand’s largest e-commerce website is looking to invest in the credit card business in Thailand next year, possible through a joint venture with a local commercial bank, acquisition or co-branding, Bangkok Post reported.
Hiroshi Mikitani, the Chairman and Chief Executive of Rakuten commented that Asia-Pacific especially Southeast Asia is a fast growing market for e-commerce and e-commerce market is expected to grow at 50 per cent annually here. Thailand is a strategic country in the region and its e-commerce market is expected to grow 30 to 50 per cent this year, according to Pawoot Pongvitayapanu, the founder of Tarad.com.
Half of Tarad.com’s transactions are made by credit card and it is a promising payment channel to encourage more online shopping in the country, Mikitani added. Mikitani said they want to expand into credit card business in Thailand, similar as Rakuten in Japan with own credit card which enabling users to earn points from their online purchases.
by Terry Brown