KASIKORNBANK reaffirms its market leader position in digital banking, by being the first to launch the Pay PLUS service provided via K-Mobile Banking PLUS, to facilitate users in buying products and services. By simply entering a phone number, users can access convenient and secure services, which are expected to help spur activities and growth within Thailand’s e-commerce landscape. The Bank has a target of 3.5 trillion Baht in total digital transactions by the end of this year.

Mr. Pakorn Partanapat, Senior Executive Vice President of KASIKORNBANK, said that there are currently 19 million digital banking users in Thailand, according to data from the BOT, showing growth of 37 percent since 2014, with aggregate transactions of a staggering 10.7 trillion Baht. The upsurge in transactions via mobile banking has been in line with rapid growth in the smartphone market. As the most prominent provider of digital banking, with the largest market share at 38 percent or over 7 million users, KBank continues to direct its attention towards developing service innovations that resonate with the varied needs of customers. In this digital age, KBank takes account of the expanding customer needs for state-of-the-art financial services that are convenient, fast and secure.

Accordingly, the Bank has developed a novel online payment system, "Pay PLUS", a system which links to the K-Mobile Banking PLUS service. With the advent of this new system, customers are spared the requirement to memorize card or account numbers. When transacting on any given store websites or applications, customer choosing to make payment by Pay PLUS can simply enter their phone numbers linked to the K-Mobile Banking PLUS. Pay PLUS will send their transaction records to the K-Mobile system, which will alert them to confirm the transaction on the application within a specified timeframe.

To make payment via Pay PLUS, customers will be paying for purchases using funds from their accounts linked to the K-Mobile Banking PLUS service, where only their phone numbers will be required as a reference. Unquestionably, customers will be able to make payment more conveniently, quickly and safely with the most sophisticated triple lock security, which requires users to enter a correct phone number, PUK code and 6-digit password. Entering any inaccurate numbers will prevent users from logging in to the system; entering wrong numbers three times will result in the system locking automatically. With the availability of this innovation, KBank has no doubt broken a new ground in Thailand’s mobile payment system.

KBank has partnered with major operators in Thai business, namely, AIS, Central Online, SF Cinema, ThaiTicketMajor, Nakorn Chai Air, Nok Air, True Digital Plus and Muang Thai Life Assurance. This partnership will make Pay PLUS a convenient and easy payment channel, offering convenience to smartphone users from all walks of life.

Customers making payments via Pay PLUS are entitled to a 5-percent rebate or up to 100 Baht, between now and December 2015. Moreover, the Bank has launched the Reward Plus program which grants customers multiple privileges when they make any online transactions, i.e. payments, at least three times per month via K-Mobile Banking PLUS or K-Cyber Banking.

In closing, Mr. Pakorn remarked that KBank has witnessed an upswing in digital banking transactions. Bearing this in mind, KBank has been steadfast in supporting growth to increase its aggregate transaction value to 3.5 trillion Baht this year. Mobile banking, in particular, is now all the rage, registering some 32 million transactions over the past six months, which account for 44 percent of the Bank's total transactions involving fund transfers and payments. The advent of Pay PLUS is intended to facilitate the needs of modern customers, who have deepened their engagement in various forms of mobile transactions. KBank has set its sight on expanding partnerships to ensure that Pay PLUS service covers an extensive area, maximizing customers' satisfaction. KBank’s existing partners, providing the EDC, mPOS and Payment Gateway services, can incorporate Pay PLUS too. The Bank is confident that this new service innovation will mark a new dawn in the payment system, which does not just offer customers a pleasant user experience, but also ushers in a boom in e-commerce and online transactions.

Data from : www.kasikornbank.com