Demand for innovative payment solutions is on the rise in Thailand, according to global payments technology company Visa, as the value of transactions made by Thai cardholders continues its high-growth trajectory.
Total payment volume for all Visa cards rose by 9.3 percent last financial year, with growth coming from Visa debit cards at 18 percent and Visa credit cards at 8.6 percent. Meanwhile, the value of eCommerce transactions conducted on Visa cards rose by 24 percent.
“While such growth is not new to the payments industry, we are at a tipping point of innovation. New forms of commerce in the digital and hyper-connected world are emerging. When our clients issue Visa cards, they are issuing more than a card, they are issuing a Visa account that enables their customers to use Visa anywhere, anytime, with any connected device,” said Suripong Tantiyanon, Visa Country Manager, Thailand.
To support payments innovation in Thailand, Visa has launched the Visa Developer platform, transforming VisaNet, the world’s largest retail payment network, into an open platform for payments and commerce.
Developers at merchants, financial institutions, technology companies and startups will have self-serve access to some of Visa’s most popular payment capabilities available through APIs, SDKs, and relevant documentation.
One example of a solution developed and launched in Thailand is a global loyalty mobile application, using the Visa Direct API to provide real-time payment services. The product allows direct transfer of reward points to users’ Visa cards.
The Visa Tokens Service (VTS), is another API that enables financial institutions to issue tokens – essentially digital accounts that enhance the security and simplify the consumer purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device.
Visa is also expanding the acceptance of electronic payments across the country. The number of merchant outlets that accept Visa cards has grown to almost half a million in 2016, particularly outside of Bangkok. The number of active mobile point of sale (mPOS) devices is almost close to fifty thousand, buoyed by insurance sales.
“Enormous potential exists for technology to transform the entire payments experience. Many businesses are still relying on legacy systems in a world where customers want everything now – and, customer experience matters. Visa strives to extend the reach and value of electronic payments in ways that can power these changes,” added Mr. Suripong.