Pay Solutions Co., Ltd. - Thailand's first online payment system provider, collaborates with GHL (Thailand) Co., Ltd. (GHL Thailand), the leading payment solutions provider to introduce a 0% installment payment option for credit card holders from six major Thai banks, powered by GHL Thailand's All-in-One EDC machine. An initiative aimed to drive the digital economy, this is set to stimulate consumer spending and boost revenue for a wide range of stores nationwide.
Mr. Pawoot Pongvitayapanu, Chief Executive Officer of Pay Solutions Co., Ltd., a service provider of online payment systems said that the post-COVID-19 period has shaped consumer-spending behavior, characterized by delayed purchase decisions and a preference for paying in installments, evidently at an 84% increase. However, store owners seeking to implement the credit card installment payment system are required to go through the process of dealing with one bank at a time, leading to substantial costs associated with procuring a large number of card Point-of-Sales (POS) terminals.
Since the start of 2023, consumer behavior in Thailand has shifted back to traditional in-store shopping, with a significant increase in the number of tourists visiting the country after its reopening. Furthermore, the preference for credit card usage over cash is evident in electronic card payment data from EDC machines. In 2022, the volume ratio indicated 73.6% for offline transactions and 26.4% for online. There were 53,323,000 card transactions at point-of-sale, amounting to THB 139,000,000 million. In the corresponding period of 2023, the trend continued, with offline transactions accounting for 79.6% and online for 20.4%. The number of card transactions at point-of-sale increased to 56,118,000, with a total value of THB 151,000,000.
Pay Solutions is an online payment system service provider, covering across multiple channels (omnichannel) including websites, applications, and social media. Together with GHL Thailand, they have introduced an innovative installment payment option via GHL's All-In-One EDC machine, capable of seamlessly handling transactions from six major banks and nine credit cards, namely Kasikorn Bank (KBank), Bangkok Bank (BBL), TMB Thanachart Bank (TTB), Krung Thai Bank (KTB), Card X (SCB), Bank of Ayudhya (BAY), Tesco Money, Krungsri Central The1, and Krungsri First Choice cards. This empowers customers to tailor their payment preferences to their needs, enhancing their purchasing decisions and creating revenue opportunities for stores nationwide.
Mr. Prinya Jinantuya, Chief Executive Officer of GHL Thailand, said, "GHL, a leading payment solution provider in the ASEAN region, has been operating in Thailand for over 15 years, providing comprehensive solutions through an All-in-One EDC machine. Our All-In-One EDC machine accepts a wide range of payment methods, which includes debit/credit cards, QR PromptPay and e-wallets both locally and globally. With over 15,000 payment touchpoints spanning across retail stores, food & beverage outlets, hotel chains and multiple establishments nationwide, our collaboration with Pay Solutions is tailored to cater to the growing demand of business operators looking to facilitate more installment payment options.
"Traditionally, businesses have had to deal with multiple banks individually, each with its unique processes and conditions, often requiring different EDC machines. GHL's All-In-One EDC machine resolves these challenges by supporting 0% installment plans for credit cards from six major Thai banks. We're continuously developing our system to support cards from other banks, which can further drive sales, streamline operations, save processing time, optimise space, and simplify sales reporting.
Currently, this service is already available at Vincent Clinics, Home Plus Furniture Mall, Mum & Me Maternity and Kids Products Center, with plans to expand to over 5,000 locations nationwide by year-end," added Prinya.
Mr. Pongtheera Setthanawarakul, M.D., Group Chief Executive of Vincent clinic, a comprehensive medical aesthetics & skincare clinic with 7 branches nationwide, said that they are committed to providing customers with the latest world-class surgical technology and are committed to become the Number 1 surgical clinic in terms of innovation.In line with this, Ms. Pranpariya Ungtrakul, M.D., co-founder of Vincent Clinic further added that the multi-bank installment payment service via credit cards and cash cards is equivalent to having financial assistance with flexible payment options that can support customers financing their cost of their aesthetic care. We believe that our customers' good image and personality will help enhance confidence and prosperity, while promoting a happier lifestyle.
For more information, please call 0 2821 6163, 081 145 5996, 081 752 8722, or visit www.paysolutions.asia and www.facebook.com/paysolutionSdotasia.