Bangkok, THAILAND, 28 August 2012
Acceptance strategy aims to grow adoption of electronic payments innovation for retailers and consumers in Thailand.
Thailand’s consumers and retailers are adopting new ways to pay, and be paid as Visa drives its acceptance strategy across Thailand, enhancing the security, convenience and acceptance of Visa’s trusted brand in the country.
Consumers in Thailand are set to enjoy innovative solutions in how they pay for goods and services that allow them to go cashless. Merchants in Thailand will also benefit from the ease of implementing new electronic payment methods, such as increased transactions and cost effective new technology, from new systems like mobile point of sale (mPOS) payment solutions. mPOS is a new card acceptance device concept solution which turns the mobile phone into a secure acceptance POS point-of-sale device via a card swipe/dip an accessory that can be plugged into the phone, allowing merchants to accept payments by Visa credit and debit cards in any location.
Nearby South East Asian countries are already embracing new methods of electronic payments such as eCommerce and contactless payments with Visa payWave, which is fast gaining mass adoption. Also, Governments have shown their support for electronic payment innovation. For instance, Singapore recently established a nationwide contactless payment infrastructure with tens of thousands of retail outlets in the island-nation that accept Visa payWave.
Somboon Krobteeranon, Visa Country Manager, Thailand, said: “The web, mobile and social networks are converging, changing the way people shop, pay and get paid the world over - and we see this trend starting to take hold in Thailand. We are committed to bring new ways to pay to Thailand in an effort to expand the reach and acceptance of the trusted and secure Visa network.”
In Thailand, Visa has been working with merchants and retailers over a range of sectors to introduce more convenient ways to pay, most recently adding an automatic top-up service for registered users of Easy Pass, Bangkok’s exclusive service for regular users of the city’s expressway network. New forms of electronic payments will reduce the risk associated with cash transactions for small merchants and large corporates, bringing greater value to consumers who are increasingly looking for better and more reliable ways to make payments.
“We are committed to collaborating with many kinds of partners – from banks and merchants to technology and mobile network operators – to drive more acceptance of the Visa brand, and to enable greater economic prosperity for Thailand’s business community. As an example, in the near future, merchants in Thailand will benefit from mPOS solutions as an alternative to traditional card-based transactions. This gives merchants an easy to implement, portable and more cost effective way to be paid. In supporting the shift to new electronic payment methods, Visa has been working closely with partners in Thailand to ensure that these new kinds of payment are secure - and that they bring value to the changing lifestyle of today’s Thai consumers,” he added.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.