It is considered a newcomer to the Thai ‘e-payment’ market because ‘Dolphin’ (Dolfin) has only been available for 8 months. But now it has over 1 million active users and more than 100 million transactions per month. What is the driving force behind Dolfin’s stance on the market? Including the view of the Thai e-payment market. From now on, Mr. Roong Rueng Sukkerdkitpiboon Chief Executive Officer of Central JD Fintech Holding Group will answer questions.
Big father-mother advantage
Dolfin is born out of two joint ventures: Central Group and JD.com Group (JD.com), a major Chinese e-commerce company. Which has JD Digits (JD Digits) who do fintech technology to help support the technology. With a registered capital of 8,000 million baht, and of course, the usage of Dolfin is growing quickly, partly from the Central Group Ecosystems. Which makes it have enormous payment points Whether it is Central Department Store, Tops Supermarket, Restaurants in CRG Group And Family Mart There are more than 1,900 CenPay counters nationwide. In addition, it is also affiliated with ‘PromptPay’ with over 4.5 million payment points.
“The main point that makes people use it is A network of payment points and servants’ networks Must grow in a balanced manner It can’t come too fast. Must go along the way, but Covid-19 or atmosphere like this is a rhythm that makes people open up both the shop and the customer. But it doesn’t mean that it will make it easy for people to sign up. We will need marketing promotion “
It came late, it didn’t matter, because cash was the real enemy.
We do not look at anyone as our enemy. Because our opponent is ‘cash’, Thailand now uses less than 3% of e-payments while China is almost 100%, so every market player still has to run to find their dreams. But the advantages of being a platform are Users don’t need to have one, they may have 2 wallets on the same phone. Most of which are like that. But the day that Thailand became a cashless society From now to the competition. Because if customers are familiar with any app Will use that app Few times will cross each other. But the first problem is Have to win cash While we did not go to the bank to compete But they are allies to help connect networks in exchange for technology such as Biomatrices, Facial Recognition, etc.
However, it cannot be estimated how long it will take to get to that point, maybe 3 or 10 years, because there are many factors, not just consumers, for example, if the Bank of Thailand cuts down on the production of banknotes or stops printing the banknotes. Of course, a cashless society emerged immediately. Which at present the government sector is fully pushing Like having a Prompt Pay Or app Which pushes people not to be afraid of digital
“Right now, people are still embarrassed to use QR codes. Which is far away, so coming first doesn’t necessarily mean a winner. Because our biggest enemy is cash, because now it’s not New Normal yet. Now every player’s problem is Must make him use it without being embarrassed Because it still looks something special Now he started to open up. And he saw that he had come for sure “
Payments just the start The real thing will come in 6 months.
Payment is a tool that makes us know our customers. And income comes from merchant fees But not thinking of it as a main income because Dolfin positions itself as a digital financial platform by preparing to open three more services: loan (loan), insurance (insurance) and asset management (asset management) by In the next 6 months, personal loans will begin using ‘Data’. It can be done via mobile phone. No need for documents or traveling to the bank However Customers must consent to the use of the data, however it will take time to extend the loan to the partner shops. But the system is ready
“There are 5 major players in Thailand, excluding the smaller ones. And everyone would have the concept of being a Digital Financial Platform, but not everyone can do it. Because other players may still focus on the payment Some may be closed. Used only in the platform itself. But we acted from the beginning that it would be an open system “
The end of the year grows in 2 times, payback in 5 years
By the end of this year We have increased our stores outside of Central to 15,000 from the current 2,000, and we aim to double or 2 million users, focusing mainly on the younger generation. Because it’s easy to access Currently, the average Dolfin users are aged 18-40, but within 3-5 years from now, Dolfin aims to achieve payback. And confident that active customers will come from all ages
“Price technology products will keep getting cheaper in order to scale. It’s like building a platform So if we will pay back Must be when it can scale As in China, people use e-wallets of all ages like cash that can be used from children to adults. And we ourselves want to fight with cash Therefore, we have to design for every group to use. “
Confidence Challenging Key
In one era, we did not dare to use a credit card. Because people are afraid to use it to swipe if the card is lost, but now people are not afraid Because it wants to be more convenient, just like e-payment, people still worry if it’s safe, so educating is important. Because it will bring confidence. Don’t be afraid, because it can’t escape. It will definitely come, but make the most of it. Because everything is clearly regulated by law And no service provider wants to make errors