Wednesday, 22 September 2021

KASIKORNBANK leads its peers in providing seamless payment solutions for merchants

5 min read

By The Asian Banker

KASIKORNBANK’s subsidiary introduced seamless payment innovation for digital payment.

  • KASIKORNBANK partnered with Facebook to provide seamless payment solution for merchants
  • KASIKORNBANK is a top choice for online merchants and buyers
  • The openness and superb user experience set KASIKORNBANK apart from other incumbents in the region

Singapore, 3 June 2021 - KASIKORNBANK was recognised as the Best Merchant Service at The Asian Banker International Excellence in Retail Financial Services Awards 2021.

 

KASIKORNBANK, Yuanta Bank, BIDV, and GCash (Mynt) were the finalists in the Best Merchant Service award. KASIKORNBANK scored highest in digital and innovation, and in market strength among its peers.

Digital and Innovation: KASIKORNBANK partnered with Facebook to provide seamless payment solution for merchants

KASIKORNBANK strives to provide seamless payment solutions for merchants. Starting in 2018, the bank partnered with Facebook, and launched the “Pay with K Plus”. The partnership through Facebook Pay provides a fast, frictionless and secure payment experience for business and their customers. To support Thai restaurants during the pandemic, the bank further collaborated with Starvingtime, the biggest food reviewer page with 5 million followers on Facebook. Together with its seamless payment solution, the bank provided free- of-charge presence and promotion, while most of the other platforms may charge up to 35% of the sales revenue. Such initiative alone helped the bank acquire and educate up to 5,000 merchants with positive feedback.

Market and Merchants: KASIKORNBANK is a top choice for online merchants and buyers

KASIKORNBANK is a top choice for both online merchants and buyers. The bank partnered with Facebook to introduce the seamless payment solutions through Facebook Pay, making it easier for people to make digital transactions on the platform.

Technology, Processes and Operations: The openness and superb user experience set KASIKORNBANK apart from other incumbents in the region

The openness and superb user experience set KASIKORNBANK apart from other incumbents in the region such as Vietnam’s BIDV and Taiwan’s Yuanta Bank. The end-to- end payment solution can support bank card issued by KASIKORNBANK and other banks, while BIDV required to only use its bank app to accomplish payment. Although Yuanta Bank’s solution does not require any bounding of bank app or card to accomplish the payment, the number of merchants is not comparable with that of KASIKORNBANK.

For the bank, buyer can choose from bank card, bank transfer freely and buyer and seller can close the transaction without leaving one app to another anymore with high security. With all these features, the bank does not charge any hidden cost for sellers except normal card MDR which seller can add mark up to buyer to cover fee. KASIKORNBANK has also set up a dedicated team to work and design the ultimate payment and merchant service that includes, but is not limited to, consumer market research, customer experience design considering best UXUI ever, and merchant acquisition and activation.

About The Asian Banker International

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com

 

You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/

 

For further information, you may get in touch with:

Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

mkazmi@theasianbanker.com



Leave your Comments
Recent Comments



From Our Sponsors
From the Web
Companies can make work far easier for disabled employees, if they want to
Please register to continue to access/read content on this website as well as receive our weekly TAB Perspectives e-newsletter for free