Kasikornbank enables convenience for partner merchants through new mobile solution launch
Kasikornbank expects to win over around 20,000 card-accepting smart-phones and tablets in 2013, of the 50,000 additional merchants it aims to capture over a similar period. April 24, 2013 | Durva LakhlaniPreamble Kasikornbank is one of the largest and most advanced banks in Thailand and a leading bank in the small and medium enterprises (SME) space. In order to provide greater convenience to its partner merchants, Kasikornbank introduced K-Merchant on Mobile which changes tablets or smart phones into credit card swiping devices. The challenge With banks having to comply with Basel III next year, corporate lending will require higher Tier 1 capital. Banks can look to boosting lending to SMEs in order to maintain return on equity. Moreover, the government is encouraging local SMEs to compete on a regional level, and banks such as Siam Commercial Bank, Krung Thai Bank and Kiatnakin Bank are planning to target new opportunities in the SME market. All this is likely to result in increased competition in the SME space in Thailand. The solution Kasikornbank’s mPOS is a card-swiping device for smartphones or tablets that allows payment acceptance via all banks’ Visa/MasterCard. An accessory can be plugged into the phone or tablet to allow merchants to accept payment by credit or debit card from any location. Once a transaction is processed, cardholders will be required to sign on the screen of the smartphone or tablet, as well as enter their e-mail or mobile phone number on the device. The bank will submit evidence of the transaction to the customer through SMS, instead of merchants printing card slips as done in typical transactions via electronic data capture (EDC). This will also help promote cashless payment and paperless card slips. Categories: Channels,Mobile banking,retail,Retail Payments,technology,Thailand, Channels,Mobile Banking,Retail Banking,Retail Payments,Technology & Operations,Thailand, Keywords:Kasikornbank, Thailand, K-Merchant On Mobile, MPOS
Kasikornbank, Thailand, K-Merchant on Mobile, mPOS
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