KTC and Visa launched of ‘KTC Scan to Pay Cross Border’

KTC achieves a breakthrough and moves further towards a cashless society at an international level. KTC partners with Visa, in launching, ‘KTC Scan to Pay Cross Border’, which allows international payments using credit cards via QR Codes.”

KTC provides special privileges for worthwhile transactions by limiting foreign-currency exchange fluctuation risks to less than 2%, the lowest rate among credit card purveyors.

“To boot, members receive up to 1.5% cash back for every transactions made using credit cards that are not only safe to use worldwide, but also comply with Visa’s standards, to collectively turn cashless society into a reality, and to keep pace with the rest of the world.”

Mr. Tosapong Rangkawara, Vice President, Credit Card Business, “KTC” or Krungthai Card Public Company Limited, reveals, “After KTC began to provide payment and credit card services via QR Codes, and having established itself as the first and only company to make available those usability services, both credit card holders and merchants have been approved into the Bank of Thailand’s Regulatory Sandbox since the end of last year.

KTC credit card members made payments and transactions for goods and services using the KTC QR Code Payment method at experimental areas at a satisfactory level.

In the future, KTC members will be able to make transactions using KTC credit cards by scanning QR Codes from merchants that have QR Codes that belong to other financial institutions.

In addition, members will also be able to use other financial institutions’ mobile applications, to scan KTC’s QR Codes to make transactions.”

Mr. Tosapong said, “Recently, KTC partnered with Visa, in allowing credit card members to use KTC Visa credit cards to make transactions via QR Codes overseas, otherwise known as, “KTC Scan to Pay Cross Border”, that also comply with Visa’s standards.

More countries are enabling the usage of QR Code for instances Vietnam, India, and Cambodia, while in Thailand, many of the QR solutions are undergoing the Bank of Thailand’s regulatory approval process.

Preliminary, transactions can currently be made in Vietnam from today onwards, under the Bank of Thailand’s Regulatory Sandbox service trial.

Members can simply scan merchants’ QR Codes and perform self-checkouts via the “TapKTC” mobile application by following step-by-step in-app procedures. Additionally, members can self-manage and specify transaction values via QR Codes.

Mr. Suripong Tantiyanon, Country Manager, Visa Thailand, said, Visa congratulates KTC for being the first in Thailand to offer cross-border QR code payment solutions.

Generally perceived by governments around the world as a cost-efficient method to grow electronic payments domestically, QR code payments will play an important role in the travel and tourism industry in the near future.

“Providing standardized and inter operable QR payment experience is therefore crucial as acceptance footprint rapidly expands. By enabling QR payments for its outbound customers and inbound travelers, KTC plays a vital role in shaping the future of digital payments.”

Mr. Tosapong added, “Furthermore, KTC members receive the privilege of gaining access to foreign-currency exchange fluctuation risk fees of less than 2%, which is the lowest rate among credit card purveyors.

On top of that, members also receive 1% cash back for every transactions made in foreign currencies, or receive up to 1.5% cash back for transactions made in foreign currencies worth over Bt. 1,500,000.

The promotion is available from February 1st – May 31st, 2018, with no restrictions on cash back amount. Members can exercise this privilege by registering via SMS by typing “OS” followed by a space and 16 Credit card digits to 061-384-5000.”

“We hope that the “KTC Scan to Pay Cross Border” service will be a useful and comprehensive option that meets the daily needs of KTC credit card members, including millennials, businessmen, tourists, outbound customers, as well as inbound travelers, and for them to experience conveniency in our services.

With the simple use of smart phones, one can scan QR Codes to make payments for goods and services across the world. Security is guaranteed with the biometric log in system in the “TapKTC” mobile application, which KTC highly prioritizes, besides selecting essential privileges that meet members’ needs.

KTC plans to orchestrate activities to stimulate marketing and to expand the level of QR transactions to cover shopping categories in domestic and international markets.”