BAY bolsters security as it homes in on more e-payment business
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Bank of Ayudhya is targeting more online payment service business, as it aims to cash in on the growing number of people using the Internet and mobile devices.
BAY has teamed up with CyberSource, a global payment management company and a subsidiary of Visa International, for the supply of high-security technology and fraud-tackling services to ensure the trustworthiness of the payment platform to consumers and merchants, Phillip Tan, head of the bank’s E-Business Group, said yesterday.
Krungsri e-Payment services will accept secure online payment for plastic cards issued by financial institutions across the world, while the technological support from CyberSource will strengthen the sales of local e-commerce merchants, he said.
While the e-payment customer base for Krungsri operations has continued to rise steadily, only about 500 traders have participated to date, he said.
The bank now hopes to attract more than 5,000 merchants that sell products and services online to join Krungsri e-Payment.
With the new e-Payment technology supporting local e-commerce, the bank expects more merchants will extend their operations from face-to-face dealings to online trade, he said, adding that this would also enhance their opportunities to grow amid the single market under the fast-approaching Asean Economic Community.
Krungsri will start promoting the services to existing merchant customers in tourism provinces, the strategy being to capture online businesses in the hotel, airline and other tourism-related sectors, as well as in educational institutions.
Merchants who join the service will pay a fee of between 2.5 and 5 per cent of their online sales to the bank.
BAY will also focus on “Generation Y” consumers aged from 18 to 28, as Visa Thailand’s research has found that most Thai shoppers using e-commerce are in this segment.
Somboon Krobteeranon, Visa International country manager for Thailand, said Gen Y people preferred using plastic instead of cash, and they expected to make all purchase and bill payments online.
Security remains the most important feature for online payment among this category of users, he said.
