Travel Wallet YouTrip Sees Unstoppable Thai Baht as Opportunity
By Natnicha Chuwiruch, Bloomberg
YouTrip offers a multi-currency travel e-wallet with a prepaid Mastercard. Users charge up the wallet from their smartphones. The card lets travelers pay overseas with no fees in 150 currencies at wholesale exchange rates, according to the firm.
The service is trying to disrupt a sector that can involve either time-consuming, cash-heavy trips to money changers, or the use of traditional bank cards with fees and exchange-rate markups.
Baht Impact
The Thai baht has appreciated more than 9% against the dollar in the past year, the most in emerging markets, data compiled by Bloomberg show. The jump has hurt the trade-led Thai economy, which is on course for the weakest growth in 2019 in five years.
The slowdown could crimp outbound tourism temporarily but many analysts see long-term potential. Chu said about 11 million Thais go overseas for holiday each year, spending an estimated 400 billion baht ($13.2 billion).
YouTrip, which also has a base in Hong Kong, plans to expand into at most two more Southeast Asian markets over the next year, Chu said. The firm raised S$25.5 million ($18.7 million) in funding in May.
--With assistance from Yoolim Lee.
By Natnicha Chuwiruch, Bloomberg
YouTrip offers a multi-currency travel e-wallet with a prepaid Mastercard. Users charge up the wallet from their smartphones. The card lets travelers pay overseas with no fees in 150 currencies at wholesale exchange rates, according to the firm.
The service is trying to disrupt a sector that can involve either time-consuming, cash-heavy trips to money changers, or the use of traditional bank cards with fees and exchange-rate markups.
Baht Impact
The Thai baht has appreciated more than 9% against the dollar in the past year, the most in emerging markets, data compiled by Bloomberg show. The jump has hurt the trade-led Thai economy, which is on course for the weakest growth in 2019 in five years.
The slowdown could crimp outbound tourism temporarily but many analysts see long-term potential. Chu said about 11 million Thais go overseas for holiday each year, spending an estimated 400 billion baht ($13.2 billion).
YouTrip, which also has a base in Hong Kong, plans to expand into at most two more Southeast Asian markets over the next year, Chu said. The firm raised S$25.5 million ($18.7 million) in funding in May.
--With assistance from Yoolim Lee.