From RabbitPay System and Advanced mPay, Line Man Wongnai and Line Company of Thailand have acquired shares of Rabbit Line Pay, a digital payment platform in the nation.
According to a statement, the agreement turns the unicorn of food delivery into Rabbit Line Pay’s majority shareholder. The CEO and CFO of Line Man Wongnai, Yod Chinsupakul, were appointed to the same positions in the payment platform. In Young Chung was also given one of those positions.
Rabbit Line Pay’s integration with the Line ecosystem in Thailand will grow as a result of the change. The top app Line Man, the restaurant search engine Wongnai, and the online store Line Shopping are all examples of this.
A partnership between the Line Company and the Thai conglomerate BTS Group created Rabbit Line Pay. It provides a platform for online and off-line payments that supports top-ups, money transfers, and digital wallets.
In the meantime, a merger agreement between Line Man and Wongnai resulted in the creation of Line Man Wongnai in 2020. Momentum Works reported that the company currently controls a 24% market share in Thailand’s food delivery market. As a result, it trails Grab, which takes home a 51% cut.
This year, Line Man Wongnai has taken a number of steps to increase its selection. A provider of point-of-sale systems for restaurants, Foodstory, was purchased by the company in July. In March, it also increased its collaboration with WeWork, a major coworking provider.
