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Visa launches new payment systemAug 29, 2012 (Bangkok Post - McClatchy-Tribune Information Services via COMTEX) -- In a bid to encourage Thais to shift from cash-based to card-based transactions, Visa International Thailand has launched a new payment technology, Mobile Point-of-Sale (mPOS), that makes electronic payments more convenient, said country manager Somboon Krobteeranon. The new payment technology is Visa's card-reading device used across Thailand, which aims to improve the country's spending and payment system via plastic, enhancing convenience and security, as well cost efficiency. Mr Somboon said an upgrade in local payment systems the past 17 years has helped boost the number of credit card users from 4-5% to 10-12%. Cash remains the key payment channel in Thailand. But the new technology should support both credit and debit card payments. Visa has introduced mPOS technology to its 12 financial partners, and several banks are expected to launch the new payment solution soon, he said. mPOS is a new card acceptance device functioning as a card reader, which turns a smartphone or tablet into a secure acceptance point-of-sale device via a card swipe. An accessory can be plugged into the phone allowing merchants to accept payments by Visa credit and debit cards in any location. The new card acceptance device requires a cardholder's electronic signature under a strong security system. "The mPOS device needs approval from both Visa and card issuers before sending it to merchants, and it also needs a PIN to identify each merchant. In the case of a counterfeit card or mPOS device, it is detectable. The mPOS device will also delete a client's financial data automatically after a payment is completed and the data will be collected by the card issuer," said Mr Somboon. In Thailand, there are around 150,000 to 200,000 businesses that accept Visa cards. Over the past decade, Visa has issued 10 million credit cards and 40 million debit cards. He added that initially in Thailand the new payment system will be used for direct sales, logistic business operators, as well as goods delivery. mPOS would help to support existing payment tools, electronic data capture (EDC), particularly in inaccessible areas of the EDC rather than replace it. The device costs 1,000 to 2,000 baht, compared to 6,000 to 10,000 baht for an EDC. Kasikornbank joined with Visa Thailand, Thai Samsung Electronics Telecommunication and Muang Thai Life Assurance in launching the payment technology for the bank's K-Merchant on Mobile smartphone application. Like dislike 0 people liked / 0 people disliked this article ___ (c)2012 the Bangkok Post (Bangkok, Thailand) Visit the Bangkok Post (Bangkok, Thailand) at www.bangkokpost.com Distributed by MCT Information Services |