In the News: Soft Space continues to expand in Thailand

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By Intan Farhana, The Star – Source

PETALING JAYA: Mobile payments technology provider Soft Space Sdn Bhd has deployed its mobile card payment technology solution in a major Thai bank, Thanachart Bank, with its Thailand-based partner Digio.

In a statement, Soft Space said that Thanachart Bank was the second bank in Thailand in which it had deployed its solution, known as the “Soft Space Centralised Mobile-Point-of-Sales (mPOS)” solution.

Thanachart Bank together with partners AIS and MasterCard launch Pay ‘N Go – helping retailers kickstart card payment acceptance through smart devices.

Earlier this year, Soft Space had launched the mPOS solution with Kasikornbank, a major bank in Thailand, creating the first mobile Europay, MasterCard and Visa (EMV)-certified card payment platform in Asia-Pacific.

Thanachart Bank is Thailand’s sixth-largest bank by asset size, and the country’s leading automobile lender.

In conjunction with the deployment, Thanachart Bank also launched the Pay ‘N Go programme with Advanced Info Service, Thailand’s largest mobile operator, and MasterCard to help retailers start accepting card payments via smart phones and tablets, which will be powered by Soft Space’s White Label mPOS solution.

“Currently, the market potential in Thailand is estimated to be worth billions of dollars, with about 258,000 traditional credit card terminals and 71 million payment cards in circulation,” Soft Space said.

Apart from Kasikornbank and Thanachart Bank, Soft Space said it was currently in the process of deploying its solution in two other banks in Thailand.

The company is also in the midst of launching its solution with multiple banks in Malaysia, Indonesia, Vietnam, Australia and New Zealand.

“We are excited with the outtake of our solution, as it is expected to be deployed in 11 banks within the region.”

“This reaffirms that we are on the right path and validates the fact that our solution can be used in every part of the world,” said Soft Space founder and chief executive officer Chang Chew Soon in the statement.

Soft Space’s solution is certified by EMV and is known as the first company in Asia to obtain the EMV Level 2 certification for mPOS.