Line, a popular messaging app in Thailand, on Tuesday rolled out “integrated banking services” on its platform, allowing users to transfer money, open savings accounts, and make payments through its app, according to an announcement.
The banking feature, which is operated by Kasikorn Line, a joint venture of Kasikornbank (KBank) and Line Corporation, also offers cash withdrawals without the presence of a physical card and offers clients the possibility to apply for credits and loans.
With 47 million users in Thailand, the app initially offered a simple e-wallet, but has now a major advantage over its competitors. Line plans to expand its banking services to more countries including Japan, Taiwan, and Indonesia.
Thailand’s digital payment sector is set to grow by USD 9.1 billion in 2020, while the total transaction value is expected to jump 13.2% to USD 1.49 billion by 2024, according to data provider Statista. Other notable names in the market include True Money, PaySocial, mPay, and AirPay.