In the News: Thanachart Bank making a wave in Thailand

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PETALING JAYA: Thanachart Bank aims to boost its merchant-business ranking from its current seventh place to the top four within three years after adopting mobile-point-of-sale (mPOS) technology for credit-card use.

Thanachart Bank together with partners AIS and MasterCard launch Pay’N Go

Thanachart Bank (TBank) is Thailand’s sixth largest bank by asset, and the country’s leading automobile lender. Currently ranked seventh place in the merchant-business ranking, TBank aims to be placed top four within three years using its adaptation of mobile-point-of-sales (mPOS) technology.

In a statement released, Prinya Jinantuya, TBank’s first vice president said that TBank has added 150 new merchants and aims to have 3,000 using Pay ‘n Go by year-end. He also added that Pay ‘n Go will be strongly promoted to small businesses including self-employed individuals. TBank expects the additional merchants to help boost spending through the bank’s credit cards by 20% a year, up from 15 billion baht a quarter at present.

“We are glad to see how our mPOS technology is benefitting both the financial institutions and emerging businesses in Thailand” said Chang Chew Soon, CEO of Soft Space.

Together with Soft Space’s Thailand-based partner, Digio, Pay ‘n Go was deployed in TBank in October 2013 using the Soft Space centralized EMV mPOS technology. Soft Space is also the technology behind K-PowerPay by Kasikornbank.

Previous post on Thanachart Bank’s deployment, Soft Space continues to expend in Thailand.

This article is cited from, The Nation and Bangkok Post Business