KTC creates ripples in the market as the first to endorse QR Code Payment via credit cards set to release November 16th through the TapKTC mobile application.

Stocks and Financial Services Press Releases Monday November 13, 2017 17:13
กรุงเทพฯ--13 พ.ย.--Krungthai Card Public Company

KTC is Thailand's first credit card company to accept QR Code Payment via credit cards with a world-class credit card network which supports a two-way payment system between the Issuer and the Acquirer. KTC is in favor of a full scale cashless society and is highly confident that members and customers countrywide will obtain a satisfying customer experience from its latest service innovation.

Mr. Woottichai Jarernpol, Executive Vice President - IT ""KTC"" or Krungthai Card Public Company Limited, reveals, ""KTC has been constantly developing technologies to support the development and growth of business operations and marketing in preparation for the digital age. KTC's objective is not only for customers to receive benefits, but also to enhance direct customer experience. This year KTC made an array of technological advancements, both behind the scenes as well as in the spotlight. This ranges from the relocation and adjustment of the data center, to the revamping and addition of new features in the ""TapKTC"" mobile application, which now allows Biometrics verification to identify the user as well as the e-Coupon feature.""

""Recently KTC developed the system to support an additional form of credit card payment for goods and services through the QR Code Payment in the ""TapKTC"" mobile application. The application is approved into the Bank of Thailand's Regulatory Sandbox and will be released to the public November 16th, 2017 onwards. KTC is now the first and only credit card provider which caters to the usability of both the Issuer and the Acquirer. Besides meeting the needs of the Bank of Thailand's cashless society policy, this advancement also reduces the Acquirer's costs, helps reduce the EDC storage space and facilitates usage through a stable form of mobile application payment. In terms of the customers, besides convenience and safety from using the mobile application to scan QR Codes to make payments, they can also receive the same payment credits they would receive normally through regular credit card transactions.""

""The QR Code Payment which KTC is endorsing, is making use of the standardized QR Code for payments from both the Issuer and the Acquirer. This form of payment will support the two world-class credit card networks: Visa and Mastercard, and will additionally cover other payment networks in the near future. Credit card holders will be able to purchase goods and services using the QR Code and have a power to control over their payments (Push Payments), which is different from the traditional card purchase transaction where the transactions are initiated by the Acquirers (Pull Payments).""

""The QR Code Payment system is more convenient and reduces the payment processes by simply scanning the merchant's QR Code and follow only few payment steps in the ""TapKTC"" mobile application. The application will process the payment to the Card's Issuer and the Acquirer for an approval. There will also be Push Notifications, which will be displayed in the application as well as sent to the user's email, after the payment for goods and services are successfully processed. Simultaneously, the Acquirer will also receive a notification of the successful payment through the ""TapKTC Merchant"" application.""

Miss Thida Bunyalekha, Senior Manager – Merchant Acquiring ""KTC"", says the following about Acquirers that are now accepting credit card payments through the QR Code Payment system, ""Participating Acquirers can receive payments for goods and services throughthe standardize QR Code system, which will provide service in 2 forms: through the poster and the ""TapKTC Merchant"" mobile application. To add more payment options for medium and small

scaled Acquirers that comply with the Bank of Thailand's policy which promotes electronic payments, two QR Code formats will be supported, which includes, 1) ""Static QR Code"", a QR Code generated by the system for multiple and repeated transactions. The QR Code information will remain the same every time a transaction takes place, and 2) ""Dynamic QR Code"", the QR Code information will be re-generated every time a transaction takes place. Acquirers can specify a transaction amount in the QR Code.""

""While the application is in its trial period under the Bank of Thailand's Regulatory Sandbox, customers can make payments for goods and services through the KTC QR Code Payment in 4 main areas, including, Or Tor Kor Market (Marketing Organization for Farmers), Lung Perm Market (Thai Airways Market), Huamum Market Kaset-Navamin and at stores in the areas of Sukhumvit 31 and 33 roads. Stores that are participating in the trial period are mainly medium to small scaled stores that previously did not accept credit cards and are stores that are enlisted in the daily expenses category which includes, restaurants, fruit vendors, sweets and snacks stores, souvenir stores, clothing stores and accessory stores. KTC received approval for a full scale KTC QR Code Payment test run, and since September 25th, 2017, have been doing an Internal Soft Launch with focus groups comprising of KTC employees. The test run covered 3 stores to control the service for both the Issuer and Acquirer.""

Mr. Woottichai concludes, ""KTC hopes that the QR Code Payment service will serve as another option that will holistically provide benefits; for the consumers, meeting the needs of the new generation, allowing them to make payments simply by using their smart phones to scan QR Codes, enhancing the safety of credit cards usage so that customers no longer need to provide card information to merchants, and increasing the practicality of credit cards for payments that cover variety of goods and services that was previously not open to medium and small scaled stores. For those that engage in business, increasing market competitiveness in terms of the credit card business and stores that accept credit cards, and providing more sales opportunities and services with diverse methods of payment for medium and small scaled stores. The QR Code Payment service will also play a part in shaping the country's overall image in pushing Thailand into the National e-Payment system and the Thailand 4.0 model in the near future.""


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