Omise Buys Paysbuy in Thai Payment Action
It wasn’t so long ago we’d heard of movement in the Thai mobile payment sector, and a new report suggests that movement on that front is even more robust than originally projected. The latest word notes that Omise recently offered up an ICO token sale that netted it $25 million, but it also picked up a new corporate acquisition: Paysbuy.
Omise landed Paysbuy from Thai mobile operator Dtac, and in the process, got access to the range of Paysbuy’s assets and currently-available services. Said Paysbuy services include not only a payment gateway but also a digital wallet that’s currently in use in Thailand and in Myanmar, for both businesses and regular consumers.
That’s going to be a big new chunk of operations for Omise, but it’s not the end of the plans, rather the beginning. Currently, plans include the launch of Omise Go, a payment network that’s built around its OMG cryptocurrency.
OMG allows users access to a peer-to-peer (P2P) payment network that will also work for making payments. With Paysbuy on its side, Omise can not only pull in new cash but also work to expand its Omise Go operations with some pre-established infrastructure already in use.
While it’s strange that Dtac would ditch Paysbuy to begin with, especially given how big the mobile payment market is getting these days, some are projecting that maybe Dtac figured it would have better luck to work with other payment companies providing mobile infrastructure tools rather than building and operating its own mobile payment system from the ground up.
That’s not such an outlandish projection, as there’s long been something to be said for selling shovels in a gold rush. Even Dtac’s Andrew Kvalseth—current chief strategy and digital officer—reportedly noted the newly combined operation would have some connection to Dtac itself.
The sheer number of competitors in the mobile payment field already ensures that someone’s going to get thrown bodily out of this market before too much longer, and we’ve already seen a couple firms buckle. Still, it’s a young market, and anything could happen before we reach full saturation. Dtac’s up substantially with its sale, and Omise has some major new infrastructure to work with.