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Visa, the world’s leader in digital payments, has obtained a domestic network licence from the Bank of Thailand. Through a partnership with National Interbank Transaction Management and Exchange (National ITMX), Visa will provide banks and merchants with a comprehensive suite of Visa’s debit products and resources to grow digital payments for the people of Thailand.
A Visa debit card provides consumers with fast, simple and secure access to the funds in their bank account and can be used to make purchases wherever Visa is accepted online and at more than 40 million merchant locations around the world.
Suripong Tantiyanon, Country Manager, Visa Thailand said: “As the demand for faster, more convenient and secure electronic payments grows in Thailand, we see a tremendous need for a solution such as Visa Debit. The world of commerce continues to evolve at a phenomenal pace. Visa Debit can be used as a physical card or as the underlying digital account for QR Code or mobile payments, while also enabling cardholders to receive rewards and other benefits.”
This licence allows Visa to fully participate in Thailand’s domestic debit market and support the government’s National ePayment Plan.
“By obtaining a domestic network licence, Visa can continue to drive innovation and expand access to electronic payments in Thailand creating a more financially inclusive ecosystem for all. Visa Debit will be a key tool in the adoption of electronic payments in the country, helping Thais to become more financially confident,” said Mr. Suripong.
For decades, Visa, together with its financial institution and merchant partners, has consistently invested in growing electronic payments in Thailand. This has included growing card issuance and acceptance, educating consumers and merchants on the benefits of electronic payments, and introducing new payment innovations.
Visa operates one of the world’s largest retail electronic payments networks, VisaNet, processing more than US$9.5 trillion worth of transaction a year, with built-in fraud protection for consumers and assured payment for merchants. Thailand will benefit from Visa’s technological expertise and more than half a century of knowledge in growing an open and sustainable payments ecosystem.Based on payments volume, total volume, number of transactions and number of cards in circulation.