Beam: Revolutionizing payments in Thailand
Beam, one of Thailand’s fastest-growing fintech startups, is responding to the continued e-commerce boom with a comprehensive payment platform that streamlines cumbersome processes, making transactions faster, more convenient, and more secure. This platform caters to businesses of all sizes, reinforcing Beam’s mission to build ‘The World’s Simplest Ways to Checkout.’
Win Vareekasem, CEO and Co-Founder of Beam, stated, “We are going through an inflection point in time with the rapid growth of consumer digital payment adoption and the rise of social commerce. As a result, payments have become a fundamental catalyst for the stores to thrive in this modern day.
Historically, payment acceptance and security have been key, while they remain true today, ‘convenience’ has grown to be a top-tier consideration factor. For instance, prevalent journeys today such as sharing of account numbers or QR code images to make payments is a lengthy process that takes minutes for customers to pull out their phone, unlock the app, scan QR, show proof of payment, etc. while the merchant also faces potential fraud and reconciliation issues behind the scenes. This process fraught by friction causes frustration and low payment conversions.”
Beam has taken the steps to address these issues by building a payment platform for merchants that offers a wide range of payment methods, including domestic and international cards, installments, mobile banking, QR PromptPay, and e-wallets. Each of which focuses on ensuring payments can happen in a frictionless manner, for example, bank transfers in a few clicks. Their platform covers all sales channels, including platforms, social commerce, websites, marketplaces, and physical stores. Moreover, merchants are able to seamlessly manage payments efficiently through their merchant web app, Lighthouse.
These are the early steps that not only address market needs but demonstrates the potential to revolutionize the payments industry in the coming era. As a result, Sequoia Capital (Peak XV), one of the world’s leading investment firms, has invested over 150 million baht, backing Beam’s mission and growth across Thailand and Southeast Asia.
With a starting fee of 1.8% for credit card payments, no fees for QR PromptPay transactions, and no other hidden fees, Beam plays a significant role in genuinely supporting business growth. By focusing on solutions, Beam has earned the trust of over 1,200 leading brands, growing its annual revenue from zero to 100 million baht within just three years. Currently, Beam processes over 5 billion baht in payments per year.
While previously Beam has pioneered the launch of One-Click Checkout for social commerce and websites, enabling customers to pay with a single click. In the near term, Beam plans to introduce ‘One-Tap Payment,’ to simplify payment at physical stores by allowing customers to simply tap their card to complete payment well in line with their mission.
“In an increasingly competitive business environment, we are driven to offer merchants that X factor they need to close sales effectively, efficiently and boost loyalty. All while pushing the bar higher for payment security, and ensuring that our merchants’ and partners’ operations are streamlined behind the scenes. We are proud to be the trusted payments provider for existing merchants, major brands across the country, and are ready to support more merchants and partners in their growth journey” Win concluded.
Want to know how Beam can make payments easier for your business? Find the answer at the website https://www.beamcheckout.com/
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