Krungthai Card links with Visa on QR code payments
KRUNGTHAI Card (KTC) has joined with Visa to offer a service called KTC Scan to Pay Cross Border, saying the initiative promotes the development of a cashless society.
KTC will encourage some 1.6 million of its customers to download the mobile application by the end of this year.
The app allows customers to make payments by QR code in Vietnam and the company expects to expand services to India and Cambodia in the near future.
Tosapong Rangkawara, vice president of credit card business at KTC, said the firm also provides special privileges for transactions by limiting foreign-currency exchange fluctuation risks to less than 2 per cent. Customers can receive 1 per cent cash back for every transaction made on foreign currencies. Moreover, customers will receive up to 1.5 per cent cash back for transactions made in foreign currencies worth more than Bt1.5 million. The promotion is available until May 31.
“The QR code payment service is under consideration for the regulatory sandbox of the Bank of Thailand (BoT),” Tosapong said.
“I think that the BOT will officially approve the regulatory sandbox for the QR code payment service in the near future, which is part of the bid to promote a cashless society in the country. However, next month we will join hands with other two banks to provide QR code payments in the market. The firm now provides QR code payments under the Visa standard.”
He said that KTC's customers and members are now able to pay for products and service fee charges via QR Code nationwide and in Vietnam.
He said that the firm has around two million customers and 500,000 of them have downloaded its TapKTC mobile application.
Suripong Tantiyanon, country manager of Visa Thailand, said that the firm plans to expand the QR code payment service to support customers in the global market as the next step of development.
