KASIKORNBANK has revealed Thailand's e-commerce market has continued to grow during the COVID-19 pandemic, with a 24 per cent increase in spending on online channels during the first five months of the year.
Growth has been driven by KASIKORNBANK's ability to quickly adapt to changing consumer habits, along with its collaboration with Visa, the world's leader in digital payments, to strengthen the security of digital payments and develop new solutions that offer a more convenient and faster digital payment experience, such as 'Tay to Pay with Visa card'.
Chalarat Phinitbenchaphol, Executive Vice President of KASIKORNBANK, said: "The COVID-19 pandemic has driven customers to shop online and increase paying digitally while reducing the amount of payments made by cash. Through our partnership with Visa, we have ensured KBANK credit card holders have a seamless payment and shopping experience by developing new services, new ways to pay, and enhancing the security of payments to meet the changing needs of today's businesses and their customers."
"We are committed to developing modern electronic payment systems that provide customers with the choice to pay however they prefer. Partnering with leading digital payment services provider Visa means we are able to bring the best solutions to our customers, ensuring convenient and secure spending whenever the customer wants to pay, wherever they are."
Suripong Tantiyanon, Country Manager of Visa Thailand, said: "The global pandemic has accelerated the change in consumer behaviour as well as how businesses operate and how people pay. According to a recent Visa Consumer Payment Attitudes study[1], Thai consumers are choosing new ways to shop, with two in three respondents preferring to shop through applications and websites (65 per cent) and almost half buying on social media channels (44 per cent). As more consumers shop online a secure payment ecosystem with fraud management solutions that are reliable and up to date needs to be implemented. In the rapid world of digital transformation, payment security is a key factor in building trust among consumers, and businesses need to consider this as the foundation of the future of their business."
KASIKORNBANK and Visa offer safe and secure payment experiences to customers both while shopping and after their payment is complete. These include One Time Password (OTP), where customers receive a text to confirm their transaction, and Visa Token Service (VTS), a solution that allows KASIKORNBANK to process the payment without accessing a customer's account details by changing the account details to random token codes in order to reduce the value of data and prevent fraud.
Visa Secure is the latest solution provided by Visa, offering convenience and safety to customers with the 3-D Secure, the latest EMV standard 3DS protocol[2], that protects transactions by providing an additional layer of identity verification before authorisation to prevent fraud and ensure that transactions are legitimate.
KASIKORNBANK has launched a range of marketing campaigns to encourage more than 3.2 million KBANK credit card cardholders to spend more on e-commerce platforms. In collaboration with Visa, KASIKORNBANK launched "Kod Lun Mun Day" campaign to give away special discount codes every Monday between March and May 2021.
For the remainder of 2021, KBANK Credit Card will focus on benefits for customers who shop online, offering extra reward points for Thailand and worldwide online buys, points redemption promotions, discounts, special privileges for zero per cent installment payment plans and more. Over 132 billion baht was spent using KBANK credit cards during the first five months of 2021, with online spending recording a 24 per cent increase to 27 billion baht, and spending in physical stores increasing by 14 per cent.
[1] The Visa Consumer Payment Attitudes Study 2020 was conducted by CLEAR on behalf of Visa in September 2020 across eight Southeast Asian countries: Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The total sample size is 7,500 including 1,000 consumers in Thailand aged 18-65, covering all education groups with a minimum income cut-off of THB 15,000.
[2] EMV(R) is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.